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Indrawati Provides 2021 Budget Update

IDR

Spot USD/IDR has inched higher and last sits +15 figs at IDR14,258. A clean break above the 200-DMA at IDR14,290 is needed to clear the way to Aug 31 high of IDR14,345. On the flip side, a dip through Sep 17 low of IDR14,212 and Sep 10 low of IDR14,203 would bring Sep 7 cycle low of IDR14,182 into play. Worth noting that the 50-DMA crossed below the descending 100-DMA yesterday.

  • USD/IDR 1-month NDF last +21 figs at IDR14,299. Bulls look for a jump above the 200-DMA at IDR14,367, while bears would be pleased by a sell-off past Sep 7/Jun 11 lows of IDR14,201/14,198.
  • The Finance Ministry was set to provide an update on 2021 State Budget today. FinMin Indrawati noted that the gov't expects Q3 GDP growth to register within the +4.0%-5.0% Y/Y range.

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