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Rupiah Firms Amid Palm Oil Rebound, Official Rhetoric Eyed

IDR

Spot USD/IDR opened on a softer footing but has trimmed losses since and last deals -15 figs at IDR14,983. Further recovery past Jul 22 high of IDR15,038 would prompt bulls to target May 5, 2020 high of IDR15,138. Bears would be pleased by a sell-off past the 50-DMA at IDR14,791.

  • USD/IDR 1-month NDF trades +8 figs at IDR14,993. Bulls need a clearance of Jul 23 high of IDR15,133 before taking aim at Jul 15 high of IDR15,190. Bears look for losses towards the 50-DMA at IDR14,811.
  • Palm oil futures have staged a decent rebound in morning trade, moving in line with soybean & rapeseed oils. The most active contract traded in Kuala Lumpur last deals ~MYR200/MT higher on the day, still some 40% below its April peak. Energy commodities, such as crude oil, natural gas and coal, have also advanced.
  • Indonesia's 5-Year CDS premium (a measure of rupiah vulnerability watched by the central bank) has edged higher this morning and last sits at 117bp. However, truth be told, it's been an uptick from a low base, after a sharp pullback from the 164bp peak lodged earlier this month.
  • President Widodo is set to meet with his Chinese counterpart Xi today, for what will be Xi's first face-to-face talks with a foreign leader since the Beijing Winter Olympics. From there, Jokowi will travel on to Japan and South Korea.
  • We may hear some comments from ministers Luhut Panjaitan and Airlangga Hartarto, who will participate in G20 talks on international trade and investment this evening.
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Spot USD/IDR opened on a softer footing but has trimmed losses since and last deals -15 figs at IDR14,983. Further recovery past Jul 22 high of IDR15,038 would prompt bulls to target May 5, 2020 high of IDR15,138. Bears would be pleased by a sell-off past the 50-DMA at IDR14,791.

  • USD/IDR 1-month NDF trades +8 figs at IDR14,993. Bulls need a clearance of Jul 23 high of IDR15,133 before taking aim at Jul 15 high of IDR15,190. Bears look for losses towards the 50-DMA at IDR14,811.
  • Palm oil futures have staged a decent rebound in morning trade, moving in line with soybean & rapeseed oils. The most active contract traded in Kuala Lumpur last deals ~MYR200/MT higher on the day, still some 40% below its April peak. Energy commodities, such as crude oil, natural gas and coal, have also advanced.
  • Indonesia's 5-Year CDS premium (a measure of rupiah vulnerability watched by the central bank) has edged higher this morning and last sits at 117bp. However, truth be told, it's been an uptick from a low base, after a sharp pullback from the 164bp peak lodged earlier this month.
  • President Widodo is set to meet with his Chinese counterpart Xi today, for what will be Xi's first face-to-face talks with a foreign leader since the Beijing Winter Olympics. From there, Jokowi will travel on to Japan and South Korea.
  • We may hear some comments from ministers Luhut Panjaitan and Airlangga Hartarto, who will participate in G20 talks on international trade and investment this evening.