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Rupiah Garners Some Strength, CPI On Tap This Week

IDR

Spot USD/IDR sits -10 figs at IDR14,888. A slide through Aug 26 low of IDR14,798 would open up the 100-DMA, which intersects at IDR14,705. Bulls look for a jump above Aug 23/4 highs of IDR14,918/14,939 before targeting Jul 22 cycle high of IDR15,038.

  • USD/IDR 1-month NDF last -8 figs at IDR14,898. Losses past Aug 25 low/100-DMA at IDR14,770/14,747 would please bears, while bulls look to a jump above Aug 22 high of IDR14,953 & Aug 5 high of IDR14,990.
  • Palm oil futures crept higher in after-hours trade. Indonesia raised its export levy for the first half of September and upped its allocation of palm-based biodiesel to be mixed with gasoil.
  • Foreign funds bought a net $16.2mn in local equities on Monday. The Jakarta Comp Index re-opened on a firmer footing and last sits ~0.3% higher on the day.
  • The gov't announced an IDR24.17tn aid package to soften the blow from a planned subsidised fuel price hike.
  • Indonesia's monthly CPI (Thursday) provides the highlight of this week's data docket. Consumer confidence reports and S&P Global M'fing PMI are also due this week.

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