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Indonesia To Tighten Restrictions Around Christmas

IDR

Spot USD/IDR has clawed back its opening losses and last trades +4 figs at IDR14,232. Bulls look to a move through Nov 17 high of IDR14,267, which would clear the way to Nov 11 high of IDR14,305. Meanwhile, a fall through Nov 15 low of IDR14,190 would bring Oct 29 low of IDR14,150 into view.

  • USD/IDR 1-month NDF last +8 figs at IDR14,259. A clearance of Nov 17 high of IDR14,319 would please bulls, while bears keep an eye on Nov 15 low of IDR14,194.
  • Indonesia's BoP current account balance flipped into a surplus of $4.500bn in Q3, beating median estimate of $3.200bn. The nation reported a revised $1.965bn deficit in Q2.
  • Bank Indonesia kept the 7-Day Reverse Repo Rate at 3.50%, in line with expectations, in a bid to support nascent economic recovery.
  • Coordinating Minister for Economic Affairs Hartarto said that Indonesia will introduce snap "level 3" curbs (one notch below strictest level) in all provinces from Dec 24 through Jan 1 to prevent an upsurge in Covid-19 cases during the holiday season.
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