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Indonesia Records Deadliest Covid Day, Outbreak May Weigh On Q3 Investment

IDR

Spot USD/IDR has added 13 figs and last changes hands at IDR14,505, with bulls setting their sights on Jul 21/2 highs of IDR14,559/14,568. A move through these levels would shift focus to IDR14,633-14,635, which capped gains on Apr 13 - 15. On the flip side, a retreat under Jul 13 low of IDR14,462 would expose Jun 28 low of IDR14,415, which coincides with the 100-DMA.

  • USD/IDR 1-month NDF last -5 figs at IDR14,555. Bears keep an eye on Jul 16 low of IDR14,487, while bulls look for a jump above Jul 20 high of IDR14,676.
  • Indonesia's Investment Ministry said Tuesday that direct investment grew 10% Y/Y in the first half of 2021, but the resurgence of Covid-19 and resultant mobility restrictions are expected to negatively affect investment realisation in Q3.
  • Tuesday was Indonesia's deadliest day on the Covid-19 front, as 2,069 patients passed away. Meanwhile, five out of six provinces in Java reported improvement in Covid-19 situation, with Central Java being the outlier.
  • The Indonesian docket is virtually empty during the remainder of this week, while CPI & GDP headline the local data calendar next week.
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