November 16, 2022 04:00 GMT
Rupiah Falters In Line With Regional Trend, Lags All Asia EM FX Save For KRW
IDR
Spot USD/IDR last changes hands +84 figs at IDR15,621. Bulls need a clearance of Nov 4 high of IDR15,750 to regain control. Bears see Nov 11 low of IDR15,393 and the 50-DMA at IDR15,340 as their initial targets.
- USD/IDR 1-month NDF last +79 figs at IDR15,636. Topside focus falls on Nov 3 high of IDR15,838, while bears eye Nov 11 low/50-DMA at IDR15,553/15,360 for initial support.
- Indonesia's 5-Year CDS premium is consolidating near two-month lows just above 100bp. The recent weeks have seen it move off cyclical highs located in the >160bp area.
- Foreign investors were net sellers of $20.78mn in Indonesian stocks Tuesday, while the Jakarta Comp gained 0.23%. Wednesday trade has brought renewed losses for the benchmark index, which has shed ~0.9% so far.
- Palm oil futures trade +MYR7/MT at typing, struggling for a clear direction. The aggregate BBG Commodity Index is slightly softer.
- Indonesia's trade surplus unexpectedly widened to $5.670bn in October from $4.970bn prior, with exports up 12.3% Y/Y (versus median est. +13.5%).
- Bank Indonesia will announce its monetary policy decision tomorrow. A majority of 22 out of 33 analysts look for a 50bp hike to the 7-Day Reverse Repo Rate, while 10 expect a 25bp move.
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