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Indonesia's Daily Covid-19 Cases Keep Rising, USD/IDR Sees Golden Cross

IDR

Spot USD/IDR trades at IDR14,375, just 3 figs below neutral levels, as post-ECB greenback sales are countered by concerns over a spike in new Covid-19 cases in Indonesia. Encouraged by the formation of a golden cross, bulls look for a swing above Jan 31 high of IDR14,420 towards Dec 6 high of IDR14,447. Bears keep an eye on Jan 24 low of IDR14,307, followed by Jan 11 low of IDR14,285.

  • USD/IDR 1-month NDF last -8 figs at IDR14,386. Bears look for a fall through Jan 13 low of IDR14,292, while bulls set their sights on Jan 6 high of IDR14,470.
  • Indonesia's daily Covid-19 cases rose to the highest level since Aug 14, as the nation reported 27,197 new infections. Pres Widodo has asked ministers to review Covid-19 response measures but urged the public to remain calm.
  • Participants look ahead to the release of 2021 GDP data on Monday, with Bank Indonesia due to deliver their monetary policy decision on Thursday.

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