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Rupiah Falters After Fed Rate Review, Despite Continued Gains For Palm Oil

IDR

Spot USD/IDR has advanced, adding 34 figs thus far, and last trades at IDR15,682. The rate refreshed cyclical highs in the process. Topside technical focus remains on the round figure of IDR16,000, while bears eye Oct 28 low of IDR15,523 for initial support.

  • USD/IDR 1-month NDF flat at IDR15,694. The initial bullish target is provided by the IDR16,000 mark, while bears set their sights on Oct 26 low of IDR15,490.
  • Indonesia's yield premia over U.S. Tsys remain subdued across 5-Year and 10-Year tenors in the wake of the Fed's 75bp rate hike yesterday.
  • Foreign investors were net sellers of $23.46mn in Indonesian stocks, with the Jakarta Comp probing the water below its 100-DMA. The index fell at the re-open, testing next support from its 200-DMA, before staging a rebound. It last operates 0.25% above neutral levels.
  • Palm oil futures have traded on a firmer footing, last sitting +MYR38/MT on the day. This is despite the resumption of the Black Sea Grain Initiative, which may allow for renewed exports of rival sunflower oil from Ukraine. The broader commodity complex is slightly softer, with the aggregate BBG Commodity Index last 0.7% worse off.

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