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Rupiah Appreciates, Indonesia Delays Carbon Tax

IDR

Spot USD/IDR has shed 53 figs and last changes hands at IDR14,795, with bears looking for further losses past Jun 21 low of IDR14,784. Should we get below there, bears could target the 50-DMA at IDR14,557. Meanwhile, a rally above Jun 22 high of IDR14,873 would confirm that underlying bullish momentum is intact.

  • USD/IDR 1-month NDF last -41 figs at IDR14,802, with bears looking for a fall through Jun 21 low of IDR14,795, towards Jun 14 low of IDR14,689. Initial topside focus falls on Jun 22 high of IDR14,896.
  • The space has played catch-up to risk-on moves seen after Asia hours last Friday, even as the risk switch in G10 FX space has flicked to on in early Monday trade.
  • President Widodo has departed for Europe, where he will attend the G7 summit in Germany on Monday. After that, he is planning to visit both Kyiv and Moscow in a bid to restart peace talks and find a solution to "reactivate" global food supply chains.
  • The Finance Ministry said it was postponing the implementation of a new carbon tax scheduled to enter into force next month. The Ministry's fiscal policy chief said that the government wanted to focus on protecting "the national economy from the spread of global risks, one of which is the increase in global food and energy commodity prices."
  • Monthly consumer inflation data, due Friday, headlines the local docket this week.
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