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Rupiah Consolidates Gains On Q2 GDP Beat

IDR

Spot USD/IDR trades at IDR14,898, down 35 figs on the day. The key near-term bearish target is provided by Jul 29 low/50-DMA located at IDR14,833/14,831. Conversely, a jump above Jul 22 high of IDR15,038 would reinstate the uptrend.

  • USD/IDR 1-month NDF last seen -16 figs at IDR14,896. Bearish focus falls on the 50-DMA, which kicks in at IDR14,853. Bulls keep an eye on Jul 21 high of IDR15,133.
  • MYR/IDR snaps a four-day winning streak and last trades at IDR3,343, down ~7 figs on the day. A further retreat under Aug 1 low of IDR3,331 would confirm that a bearish reversal is underway. Bulls need a jump above Jul 22 high of IDR3,379 to get some reprieve.
  • SGD/IDR deals at IDR10,822, down ~4 figs on the day. Losses past Aug 3 low of IDR10,743 would please bears, while bulls look for a clearance of Jul 28 cycle high of IDR10,869.
  • Palm oil futures traded in Kuala Lumpur re-opened higher this morning, adding MYR84 thus far to last trades at MYR3,905/MT.
  • Indonesia's 5-year CDS premium keeps re-widening, rising by 14bp today; it last sits at 116bp.
  • Indonesia's GDP data exceeded expectations as annual growth accelerated to +5.44% Y/Y in Q2 from +5.01% prior (versus +5.17% BBG consensus forecast). The quarterly jump of +3.72% also topped expectations (+3.47%).
  • Indonesia's Economic Affairs Minister Hartarto will hold a press briefing at 13:00 to discuss GDP data.
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