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Jakarta Extends Curbs, Jokowi May Initiate Cabinet Reshuffle This Week


Spot USD/IDR has edged higher in tandem with other USD/Asia crosses amid broader greenback purchases, linked to the Brexit/Covid-19 developments outlined before. The rate last sits +20 pips at IDR14,130.

  • Jakarta Gov Anies Baswedan announced that Indonesia's capital will extend its Covid-19 restrictions through Jan 3 to prevent any acceleration in the spread of infections over the holiday season. The Gov said that "it is necessary for us (...) to refrain from doing holiday activities outside the home, especially out of Jakarta."
  • The Straits Times ran a source report noting that Indonesian Pres Joko Widodo may announce an anticipated cabinet re-shuffle this week to replace two ministers recently charged with corruption and possibly Health Min Terawan Agus Putranto.
  • A push through Dec 4 high of IDR14,170 & Nov 20 high of IDR14,206 would give bulls a signal that they can take aim at Nov 13 high/23.6% recovery of the Sep 11 - Nov 10 sell-off at IDR14,222/14,227. Bears look for a dip through trendline support at IDR14,101 before targeting Dec 11 low of IDR14,080.
  • FinMin Indrawati will give an update on the 2020 state budget at 13:00 local time.
  • In terms of scheduled events, the Indonesian calendar is virtually empty into the year-end.

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