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Free AccessPlays Some Catch Up
Spot USD/IDR sits 0.90% lower versus yesterday's close, with the pair currently at 15426. On a spot basis this comfortably the best performer within the Asian FX space so far today. The pair opened at lower levels but saw some demand ahead of the 15400 level. We may need to see a break of this level, which also coincides with mid-November lows, to spur further rupiah gains.
- Today's spot move largely reflects catch up from the strong sell-off in the 1 month USD/IDR NDF through Thursday's session (-1.85%). This pair got close to 15350 in NY trading, but we are now back around 15400. The sharp pull back in US real yields (the 10yr fell to 1.17%) certainly helped, although as we noted yesterday there appeared to be some room for catch up from the rupiah given it had lagged the broader risk rally in recent weeks (see this link).
- In terms of news flow, BI Governor Warjiyo stated that inflation expectations are coming down rapidly and the central bank will bring back headline inflation to target by H2 23.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.