Rupiah Hits Best Levels In A Month After Indonesia Eases Travel Restrictions & Palm Oil Soars

Spot USD/IDR has edged lower, slipping through Jan 22 low of IDR13,993 to worst levels in a month. The rate last changes hands at IDR13,990, a touch lower on the day.

• Palm oil futures surged Tuesday, charting a double bottom pattern, amid chatter suggesting that Malaysian output may shrink (supply data from the Malaysian Palm Board is due today).
• Indonesian immigration office said it will lift its ban on entries of foreign travellers holding valid visitor, work or limited stay visas.
• Worth recapping Tuesday comments from BI Gov Warjiyo, who said that policymakers are considering further interest rate cuts amid sluggish economic recovery and inflation being "too low."
• Today's breach of support from Jan 22 low brings Jan 4 low of IDR13,865 into view. On the topside, a move through Feb 5 high of IDR14,008 would open up the 50-DMA at IDR14,064.
• With little left on the local docket this week, focus turns to next week's trade data. In addition, worth noting that Indonesia observes a market holiday this Friday.