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Rupiah Falls Amid Rising U.S. Yields

IDR

Spot USD/IDR has added 34 figs thus far and last changes hands at IDR14,372, in the wake of yesterday's greenback purchases. Bulls look to a clearance of Jan 6/Dec 21 highs of IDR14,399/14,400 before setting their sights on Dec 6 high of IDR14,447. Bears keep an eye on IDR14,285, which limited losses on Jan 11.

  • USD/IDR 1-month NDF last seen +18 figs at IDR14,414. Bulls would be pleased by a rally above Jan 6 high of IDR14,470, while bearish focus falls on Jan 13 low of IDR14,292.
  • Daily Covid-19 case count hit a three-month high on Tuesday, with the current upsurge driven by the Omicron variant. Despite that, Indonesia removed a ban on all foreign arrivals and kept the required quarantine period at 7 days.
  • Bank Indonesia are unlikely to begin the tightening cycle at the end of their meeting on Thursday (our preview is forthcoming), but their language will be closely scrutinised.
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