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Rupiah Gains Ahead Of Bank Indonesia Rate Decision

IDR

The Indonesian rupiah firms amid a hawkish risk of a pre-emptive rate hike from Indonesia's central bank.

  • Bank Indonesia is expected to keep the 7-Day Reverse Repo Rate unchanged at 3.50%, but as many as a third of analysts surveyed by Bloomberg call for a 25bp hike come the end of today's policy meeting. Click here to see our preview.
  • Indonesia's Trade Ministry said that the nation can review the parameters of the domestic market obligation policy applied to palm oil volume and cooking oil price at any time. These comments will not be well received by importers of Indonesian CPO, considering recent on-and-off exports controls imposed by Jakarta.
  • Spot USD/IDR trades at IDR14,653, down 21 figs on the day. Bears look for a dip through May 20 low of IDR14,638 before setting their sights on May 11 low of IDR14,525. Bulls look to a rebound towards May 19 high of IDR14,738.
  • USD/IDR 1-month NDF last +35 figs at IDR14,665. Topside focus falls on May 19/16 highs of IDR14,758/14,772, while bears keep an eye on May 11 low of IDR14,516.
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