Rupiah Holds Tight Range, Indonesia's Trade Report Due Shortly

Spot USD/IDR has shed 5 figs and last operates at IDR14,903. On the downside, technical focus falls on the 100-DMA, which kicks in at IDR14,767. Conversely, bulls set their sights on Jul 22 cycle high of IDR15,038.

• USD/IDR 1-month NDF last seen at IDR14,919, little changed on the day. Bears eye the 100-DMA at IDR14,804 as their initial target, while bulls look for renewed gains past Sep 13 high of IDR14,992.
• Palm oil futures have traded on a weaker footing this morning, extending losses registered in Wednesday's after-hours trade. The contract for November delivery trades at MYR3,773/MT, MYR83 below last settlement, with the aggregate Bloomberg Commodity Index edging lower as well.
• Foreign names bought a net $9.7mn in Indonesian stocks Wednesday, extending this month's streak of daily inflows. The Jakarta Comp regained poise after yesterday's drop and printed fresh multi-month highs this morning.
• The parliamentary budget committee endorsed setting the average inflation target at +3.6% Y/Y and the rupiah target at IDR14,800 in Budget 2023. The targets are higher than those proposed by Pres Widodo last month (+3.3% and IDR14,750 respectively).
• Kompas cited a senior official from Joko Widodo's party as noting that the President could run for vice presidency in the 2024 election, as the constitution prohibits him from seeking the third term in office.
• Indonesia's monthly trade data will cross the wires in less than an hour. Trade surplus is expected to have shrunk to $4.000bn in Aug from $4.220bn prior.