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Spot USD/IDR has descended onto support from Jun 2 low of IDR14,253 this morning, in the wake of yesterday's sell-off in the greenback. The rate last sits -11 figs at IDR14,254, with bears looking for a clean break below the aforementioned support, which would clear the way to May 10 low of IDR14,145. Conversely, gains past Jun 4 high of IDR14,322 would shift focus to the 200-DMA/May 20 high at IDR14,378/14,400.
- USD/IDR 1-month NDF last seen +4 figs at IDR14,291 and a jump above May 28 high of IDR14,381 would bring May 20 high of IDR14,475 into play. Bears need a slide through Jun 1 low of IDR14,257 before taking aim at May 7 low of IDR14,133.
- Tourism Min Sandiaga Uno said that Bank Indonesia, Financial Services Authority and Investment Min will back the plan to reopen Bali in Jul and encourage tech companies to work from there. The gov't expects Bali's economy to return to growth by Q3/Q4.
- On a different front, Foreign Min Retno Marsudi said that the gov't has asked for more Covid-19 vaccines from China through the Covax programme and offered to become a regional hub for the production of Chinese jabs.
- Bank Indonesia will publish May foreign reserves today. Consumer confidence data from Badan Pusat Statistik Indonesia hits the wires tomorrow, with Danareksa's survey expected at some point this week.