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Indonesia Struggles To Contain Covid Outbreak, Trade Data Eyed Today

IDR

Spot USD/IDR sits just 15 figs above neutral levels, last at IDR14,495. Bulls need a break above Jul 9 high of IDR14,550, before taking aim at Jul 2 high of IDR14,568. Bears would be pleased by a fall through Jul 13 low of IDR14,462, towards Jun 28 low of IDR14,415.

  • USD/IDR 1-month NDF last +15 figs at IDR14,551. Bulls see Jul 8 high of IDR14,664 as their key near-term target, while bears look for a dip through Jul 5 low of IDR14,493.
  • Several countries shut their borders to travellers arriving from Indonesia, which has become the main hot spot of Covid-19 in Asia. Indonesia's daily number of cases surpassed that of India and reached a new record high of 54,517 on Wednesday.
  • Indonesian lawmakers gave preliminary approval for financial aid for several state firms in 2021 and 2022.
  • Indonesia will publish the trade report for the month of June today. Bloomberg consensus looks for a trade surplus of +$2.245bn, with exports growth seen at +48.45% Y/Y.
  • Elsewhere, the gov't will provide an update on emergency movement curbs at 0900WIB/0300BST.

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