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Rupiah Holds Steady After Inflation Beat

IDR

Spot USD/IDR operates -9 figs at IDR14,360 with bears looking for a sell-off past Mar 30 low of IDR14,325. Bulls keep an eye on Mar 24 high of IDR14,380.

  • USD/IDR 1-month NDF last +7 figs at IDR14,366. Topside focus falls on Mar 23 high of IDR14,396, while bears look for a slide through Mar 30 low of IDR14,329.
  • Indonesia's S&P Global M'fing PMI printed at 51.3 in March, little changed from the previous month. Accompanying commentary noted that "GDP is expected to expand by 4.9% in 2022 given the recent impact of the Ukraine-Russia war on prices."
  • Of more interest were the latest CPI figures, with headline inflation coming in at +2.64% Y/Y in March, beating consensus forecast of +2.55%. Despite acceleration, price growth remains within Bank Indonesia's target range of +2.0%-4.0% Y/Y for now.

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