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INDON Curve Steepens Ahead Of US CPI, Trade Surplus Grows

INDONESIA
Data BulletEM BulletDataHomepagemarkets-real-timeBulletEmerging Market News

The INDON curve is slightly steeper today, yields are 1bps lower to 2bps higher, it has been a slow session for global rates as the market awaits US CPI later tonight, earlier the Trade Balance surplus beat estimates.

  • The INDON curve has bull-steepened today, the 2Y yield is 0.5bps higher at 5.265%, 5Y yield is 1bp lower at 5.17%, the 10Y yield is 2bps lower at 5.245%, while the 5-year CDS unchanged at 71bps.
  • The INDON to UST spread diff the 2Y is now 44bps (+4bp), 5yr is 72bps (+2bps), while the 10yr is 81bps (+3bp).
  • In cross-asset moves, USD/IDR is down 0.20% at 16,072, the JCI is up 1.15% Palm Oil is 1.61% higher, while US tsys yields are 0.5bp higher to 0.5bp lower
  • Indonesia’s April trade surplus printed better than expected but still narrowed to $3.56bn from $4.58bn. Export growth picked up to 1.7% y/y from -3.8% while import to +4.6% y/y from -12.8%. The surplus appears to have stabilised after coming off its late 2022 peaks helped by an improvement in the terms of trade.
  • (BBG) Indonesian Bond Rally Waiting for Credibility Boost From US CPI - (see link)
  • Looking ahead; Bank Indonesian rate decision next Wednesday
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The INDON curve is slightly steeper today, yields are 1bps lower to 2bps higher, it has been a slow session for global rates as the market awaits US CPI later tonight, earlier the Trade Balance surplus beat estimates.

  • The INDON curve has bull-steepened today, the 2Y yield is 0.5bps higher at 5.265%, 5Y yield is 1bp lower at 5.17%, the 10Y yield is 2bps lower at 5.245%, while the 5-year CDS unchanged at 71bps.
  • The INDON to UST spread diff the 2Y is now 44bps (+4bp), 5yr is 72bps (+2bps), while the 10yr is 81bps (+3bp).
  • In cross-asset moves, USD/IDR is down 0.20% at 16,072, the JCI is up 1.15% Palm Oil is 1.61% higher, while US tsys yields are 0.5bp higher to 0.5bp lower
  • Indonesia’s April trade surplus printed better than expected but still narrowed to $3.56bn from $4.58bn. Export growth picked up to 1.7% y/y from -3.8% while import to +4.6% y/y from -12.8%. The surplus appears to have stabilised after coming off its late 2022 peaks helped by an improvement in the terms of trade.
  • (BBG) Indonesian Bond Rally Waiting for Credibility Boost From US CPI - (see link)
  • Looking ahead; Bank Indonesian rate decision next Wednesday