Indonesian Markets Re-Open After Day Off For Casting Ballots

USD/IDR re-opened lower but failed to consolidate and pared losses. There was an element of catch-up to early price action as Indonesia observed a public holiday Wednesday. Jakarta Comp also re-opened highs and has held gains as of yet. Spot USD/IDR last sits +5 pips at IDR14,115.

• Indonesian voters headed to the polls for regional elections Wednesday, with more than 100mn citizens registered to take part. Speculation has arised that Indonesia may be seeing the rise of a political dynasty, as Pres Joko Widodo's son is poised to become the mayou of Solo in Central Java, while his son-in-law seems to be set to win the mayoral seat in Medan on Sumatra.
• Indonesian FinMin Indrawati is set to speak on tobacco excise policy at 11am local time in Jakarta.
• Bulls look for a clean break above trendline resistance at IDR14,164 before targeting Nov 20 high of IDR14,206, followed by Nov 13 high/23.6% retracement of the Sep 11 - Nov 10 sell-off at IDR14,222/14,227. On the downside, focus falls on trendline support at IDR14,095, followed by Nov 30 low of IDR14,070 & Nov 17 low of IDR14,040.
• The Indonesian docket is virtually empty during the remainder of this week and focus moves to next week's trade report & Bank Indonesia's monetary policy decision.