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Indonesia Continues Its Battle Against Deadly Wave Of Virus


Spot USD/IDR has added 35 figs so far and last deals at IDR14,505, after Indonesia declared another record-breaking surge in Covid-19 infections. Bulls see Jul 2 high of IDR14,568 as their initial target and a break here would shift focus to the IDR14,633-14,635 area, which capped gains on Apr 13 - 15. Bears look for a sell-off through yesterday's low of IDR14,463, which would turn focus to Jun 28 low of IDR14,415.

  • USD/IDR 1-month NDF last -9 figs at IDR14,565, with downside focus on Jul 5 low of IDR14,493, followed by the 100-DMA at IDR14,448. Bulls keep an eye on IDR14,666, which represents the high print of Jun 29.
  • Maritime Affairs & Investment Min Luhut, who coordinates Indonesia's emergency virus countermeasures, said that the authorities are prepared for worst-case scenarios, such as an increase in daily Covid-19 case count to 70,000.
  • Lawmakers approved key assumptions for 2022 budget yesterday, including GDP growth range of +5.2%-5.8% Y/Y. Elsewhere, a Finance Ministry official said that the public debt burden is expected to keep increasing for the next two years.
  • The OECD will hold a media briefing on Indonesia's employment outlook today. Elsewhere, FinMin Indrawati & Trade Min Lufti will speak in a webinar on the economic outlook.
  • Indonesia's Danareksa Consumer Confidence is expected to hit the wires today, while the official consumer sentiment gauge comes out tomorrow. There is no fixed time of either release.

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