Indonesian rupiah leads losses in........>

DOLLAR-IDR: Indonesian rupiah leads losses in Asian EM space, with USD/IDR

trading +151 pips at IDR15,726. The rate benefits from broader risk aversion,

which keeps USD well bid. IDR is further dented by tighter restrictions

implemented by Indonesian gov't after onshore trading closed yesterday. The

country expanded the area under partial lockdown to several cities around the

capital, with further municipalities due to adopt more stringent measures later

in the week. In addition, airlines will be required to limit the number of

passengers to just half of capacity.

- ICYMI, Indonesia reported trade data yesterday. Trade surplus shrank slightly

more than expected, albeit on the back of below-forecast declines in imports and

exports.

- Bulls look for a reversal of the recent pullback and a break above the

IDR16,000 figure would return the focus to Mar 23 high of IDR16,625, the best

level since 1998. Meanwhile, a fall below yesterday's trough at IDR15,570 is

needed to reinstate bearish momentum and open up the 38.2% retracement of the

YtD range at IDR15,461.