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Rupiah Falters, Indonesia Prepares To Live With Covid

IDR

Spot USD/IDR trades +32 figs at IDR14,395 as we type. Should the rate manage to cross above its 50-DMA at IDR14,404, bulls would be able to take aim at the 100-DMA at IDR14,421. Conversely, a retreat under Aug 4 low/200-DMA at IDR14,305/14,304 would give bears hope for a deeper pullback.

  • USD/IDR 1-month NDF last seen -4 figs at PHP14,447. A fall through the 200-DMA/Aug 4 low at IDR14,340/14,323 would please bears, while bulls look for a jump above the 50-DMA & 100-DMA, which intersect at IDR14,480.
  • Indonesia announced that it will gradually relax restrictions in several locations including Jakarta and said it's preparing a plan for living with Covid-19 over the next few years. Officials extended restrictions in Java and Bali through Aug 16 and said that Covid rules for other islands will remain in place through Aug 23. They also offered looser curbs for vaccinated residents. Health Min Sadikin said that the vaccination rate in Java and Bali should reach at least 70% by the end of September.
  • Bank Indonesia will release its retail sales survey for the month of June today.
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