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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
IDR
Spot USD/IDR re-opened sharply lower today, in a delayed reaction to the post-FOMC market moves (the rupiah is particularly sensitive to moves in U.S. Tsy yields). This allowed the pair to break below a neckline of a newly formed head and shoulders top pattern, sparking bearish appetite for further losses. That being said, USD/IDR has already recouped the bulk of its earlier losses and may soon re-test the neckline, which would result in the pattern's failure. On the other hand, the 50-DMA keeps racing towards the 200-DMA and a crossover here would send an important bullish signal.
- USD/IDR last sits -30 figs at IDR14,470 and further recovery past Apr 28 high of IDR14,518 would bring Apr 23 high of IDR14,550 into play. Bears look for a dip through the 200-DMA/Mar 29 low at IDR14,407/14,410.
- Pres Joko Widodo made a minor cabinet reshuffle as Bahlil Lahadalia was sworn in as chief of the new Investment Ministry, completing the process aimed at luring more FDI to Southeast Asia's largest nation. The new Minister said he plans to cut red tape and continue implementing the Jobs Creating Law.
- FinMin Indrawati takes part in a meeting with the National Development Planning Ministry today to discuss fiscal policy strategy for 2022. New Minister Lahadalia will also attend the meeting and is set to make comments on support for private investment.
- There are no tier 1 local releases during the remainder of this week, with GDP & CPI reports providing the highlights of next week's docket.
Fig. 1: USD/IDR
MNI - Market News/Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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