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Onshore Rupiah Weakens Ahead Of CPI Data This Week

IDR

Spot USD/IDR has added 21 figs and last changes hands at IDR15,648, while 1-month NDF sit -25 figs at IDR15,665, with familiar technical contours in play.

  • Palm oil futures have advanced this morning and last deal +MYR144/MT, printing best levels in more than two months. Note that Indonesia raised its CPO reference price yesterday, despite earlier extending the exports levy waiver. The nation will host a big palm oil conference this week, which will be closely watched by palm oil traders.
  • U.S./Indonesia yield spreads have tightened, moving closer to cyclical narrows. INDOGB 5-Year/10-Year spread has widened as steepening impetus remains.
  • Foreign investors were net buyers of $37.97mn in Indonesian stocks Tuesday, even as the Jakarta Comp faltered. The index has extended losses this morning, testing support from its 100-DMA.
  • Indonesia's consumer inflation unexpectedly east to +5.71% Y/Y last month, undershooting the median estimate of +5.98%. Core CPI rose 3.31% Y/Y, lagging the expected pace of +3.40%.

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