DALY SEES 'NO URGENCY TO ADJUST THE POLICY RATE'

MNI BRIEF: Fed’s Collins Sees Rate Cuts Later Than Had Thought

MNI BRIEF: China March M2 Slows More Than Expected

MNI BRIEF: China Tightens Stock Market Supervision

MNI BRIEF: China Mar Exports Jump On Demand; Imports Improve

MNI: PBOC Sets Yuan Parity Lower At 7.0967 Fri; -4.87% Y/Y

MNI: BAKER HUGHES US RIG COUNT 617; OIL RIGS 506; GAS RIGS 109

March Home Sales Jumped At End Of Month

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Rupiah Flat Against Greenback Despite Overnight Drop In U.S. Tsy Yields

IDR

Spot USD/IDR trades flat at IDR15,570 after clawing back its opening losses. 1-month NDF last seen +69 figs at IDR15,588. Familiar technical pictures remain in play. The rupiah is struggling to gain versus the greenback, unlike most its regional peers.

  • Offshore players bought a net $13.95mn in Indonesian stocks Wednesday. The Jakarta Comp traded on a softer footing, but has rebounded today, and looks poised to test its 50-DMA. Should that moving average give way, bulls would set their sights on the 61.8% retracement of the Sep - Oct sell-off at 7,137.
  • The recent pullback in U.S. Tsy yields on the back of a reassessment of Fed tightening outlook has been reflected in relative yield dynamics, which creates a favourable backdrop for the IDR. INDOGB curve remains near cyclical flats, with 5-Year/10-Year spread last seen at ~30bp.
  • Little to write home on the commodity complex, with the BCOM index holding a tight range near yesterday's highs. Palm oil futures advanced in after-hours trade Wednesday, boding well for today's session.
  • Bank Indonesia Snr Dep Gov Damayanti will speak at CORE discussion on G20 Summit today.
  • In the absence of notable data releases during the remainder of this week, focus turns to the latest batch of CPI figures, due next Tuesday.
BulletEM BulletEmerging Market NewsHomepage
BulletEM BulletEmerging Market NewsHomepage

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.