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Rupiah Goes Offered Amid Local Equity Weakness

IDR

Spot USD/IDR keeps pushing higher amid weakness in local equities, the pair last deals +26 figs at IDR14,623. Bulls look for further gains past the IDR14,633-14,635, which capped gains on Apr 13-15, 2021. A clean break here would expose Oct 14, 2020 high of IDR14,753. Bears would be pleased by a slide through May 11 low of IDR14,525.

  • USD/IDR 1-month NDF last -8 figs at IDR14,649. Bears see May 11 low of IDR14,516 as their initial target, while bulls look to a jump above yesterday's high of IDR14,684.
  • Jakarta Composite Index plunged into correction, losing more than 10% from its April high. Renewed weakness today confirmed a break below its 200-DMA.
  • Bank Indonesia Governor Warjiyo & Senior Deputy Governor Damayanti will speak at a financial stability book launch this afternoon.
  • Indonesia's data highlights next week include trade balance (Tuesday) & BoP current account balance (Friday).

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