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USD/IDR continues to push higher from the off, last trades +65 pips at IDR14,840, after clearing resistance from Jul 20 high of IDR14,822. The rate operates at its best levels since mid-May, in the lead-up to a budget announcement by President Joko Widodo.
- His appearance in parliament is scheduled for 14:20 local time/8:20 BST. FinMin Indrawati & Econ Min Hartarto will hold a press conference on 2021 budget proposals just over an hour later.
- Meanwhile, the President's address to the nation has just started.
- Jakarta Governor Anies Baswedan announced today that the capital will maintain strict social distancing measures to curb the spike in coronavirus indections. The existing regime of social distancing rules has been extended through Aug 27.
- The rupiah depreciation prompted Bank Indonesia to intervene in FX spot interbank market today.
- Bulls look for a break above the 100-DMA at IDR14,910 before targeting the IDR15,000 mark. They keep an eye on the 50-DMA & 200-DMA, hoping for a reversal of the recent death cross formation. Bears target Jul 30 low of IDR14,455, followed by Jul 9 & 14 lows of IDR14,355.
- Next week, focus turns to Indonesia's trade data, due Tuesday, and Bank Indonesia MonPol decision, due Wednesday.