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Spot USD/IDR landed at the lowest level in almost a month Thursday and has extended those losses this morning. The rate last trades at IDR14,236, 12 figs lower and off its earlier session low of IDR14,223.

  • Bears keep an eye on IDR14,145, which represents the low print of May 10. On the flip side, a rally above the 100-DMA at IDR14,284 would bring Jun 4 high of DR14,322 into play.
  • USD/IDR 1-month NDF last sits -14 figs at IDR14,279. Losses past Jun 1 low of IDR14,257 would open up May 7 low of IDR14,133. Conversely, a break above Jun 4 high of IDR14,379 would turn focus to May 20 high of IDR14,475.
  • Indonesia's Covid-19 case count increased by the most since Feb yesterday. Local Covid-19 task force spokeswoman Tarmizi said that the gov't wants to start offering jabs to all adults as soon as by the end of this month, while Jakarta earlier said that it was already inoculating the general population.
  • The World Bank approved a $400mn loan to Indonesia, which will support the local financial sector. The loan is expected to help Indonesia implement reforms, which will "increase the depth, improve the efficiency, and strengthen the resilience" of Indonesia's financial markets.
  • FinMin Indrawati delivers a keynote speech on climate change today. Later in the day, Indonesia's Covid-19 task force will hold a media briefing.
  • Bank Indonesia will deliver their monetary policy decision next Thursday, with all 11 analysts surveyed by BBG expecting no change to the benchmark policy rate. In a recent analytical note, Morgan Stanley said they think "further rate cuts are unlikely, as the economy is likely to show a cyclical recovery amid an improving global backdrop, rising commodity prices, and vaccine rollout gathering pace.