Free Trial
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 has crept higher, with participants weighing Indonesia's accelerating vaccination drive against a record increase in new infections reported on Sunday. The pair last sits +25 figs at IDR14,450, with bulls looking for a move through Jun 23/May 3 highs of IDR14,468/14,475, followed by Apr 28 high of IDR14,518. Bears need a dip through the 50-DMA (IDR14,377) & 200-DMA (IDR14,353) to regain poise.
- USD/IDR 1-month NDF last seen +12 figs at IDR14,513, still trapped within an ever-narrower range. A break above Jun 21 high of IDR14,578 would clear the way to Apr 21 high of IDR14,615. Bears keep an eye on IDR14,438, which limited losses on Jun 18.
- Health Min Sadikin confirmed that the gov't has met the target of administering 1mn vaccinations per day and has enough supply of jabs to maintain the current rate of 1.3mn jabs/day. This comes after Indonesia expanded loosened vaccination eligibility criteria and allowed all adults to register. Officials are scrambling to secure swift distribution of vaccines after the country declared a record increase in new Covid-19 cases (21,342) on Sunday.
- Bank Indonesia Exec Director for Financial Market Development Hutabarat said last Friday that the central bank will include more currencies (e.g. MYR, CNY, JPY) in its DNDF to support FX market stability and improve monetary policy transmission. Elsewhere, BI may implement local currency settlement with China as soon as next month.
- Bank Indonesia said that its weekly survey estimated June CPI at +1.38% Y/Y and -0.11% M/M, amid monthly declines in the prices of chillies, chicken and intercity fare.
- As a quick heads-up, comments are due today from BI Gov Warjiyo (meeting with media editors) & Tourism Min Uno (weekly press briefing).
Fig. 1: Indonesia Daily Confirmed Covid-19 Cases
Source: 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.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok