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Risk Aversion Saps Strength From Rupiah

IDR

Risk-off impetus has pushed spot USD/IDR to its best levels in almost three weeks. The rate operates +55 figs at IDR14,323, with topside technical focus falling on Nov 5 high of IDR14,390. Conversely, a pullback under Nov 19 low of IDR14,210 would bring Nov 15 low of IDR14,190 into play.

  • USD/IDR 1-month NDF last seen +65 figs at IDR14,379. Bulls look for a rally above Nov 3 high of IDR14,462, while bears keep an eye on Nov 19/15 lows of IDR14,213/14,194.
  • FinMin Indrawati said Thursday that the gov't expect Q4 GDP growth to print above +5.0% Y/Y. Revenue is expected to surpass the target of IDR1,743.6tn owing to an exports boom which supports customs collections.
  • Worth noting that Indonesia's constitutional court ordered the gov't to revise parts of their famed omnibus jobs creation law within two years or risk having the bill struck down. Judges allowed the law to remain in force before revisions are made.
  • BI Gov Warjiyo will deliver a keynote speech at ADB Institute Central Bank Forum this afternoon.
  • Coming up next week we have Indonesia's monthly inflation data, due Wednesday.
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