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Rupiah Inches Higher As Bank Indonesia Policy Review Draws Near

IDR

Spot USD/IDR trades -10 figs at IDR14,968 as participants eye Bank Indonesia & Fed monetary policy reviews this week. Bears look for a dip through Sep 12/Aug 26 lows of IDR14,812/14,798. Topside technical focus falls on Jul 22 high of IDR15,038.

  • USD/IDR 1-month NDF last -23 figs at IDR14,992. Bearish focus is on the 100-DMA, which intersects at IDR14,818. Conversely, bulls keep an eye on Jul 21 high of IDR15,133, followed by Jul 15 high of IDR15,190.
  • Foreign investors bought a net $7.3mn in local equities Monday, while the Jakarta Comp finished little changed. Benchmark equity index has oscillated near yesterday's closing levels this morning.
  • Palm oil futures have found a base after a three-day retreat. The contract for December delivery is ticking away from one-week lows amid an uptick in the aggregate BBG Commodity Index.
  • Bank Indonesia is expected to raise the 7-Day Reverse Repo Rate by 25bp this Thursday, with some calling for a 50bp rate rise (see our preview here), as a recent increase in subsidised fuel prices is set to boost overall inflation.
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Spot USD/IDR trades -10 figs at IDR14,968 as participants eye Bank Indonesia & Fed monetary policy reviews this week. Bears look for a dip through Sep 12/Aug 26 lows of IDR14,812/14,798. Topside technical focus falls on Jul 22 high of IDR15,038.

  • USD/IDR 1-month NDF last -23 figs at IDR14,992. Bearish focus is on the 100-DMA, which intersects at IDR14,818. Conversely, bulls keep an eye on Jul 21 high of IDR15,133, followed by Jul 15 high of IDR15,190.
  • Foreign investors bought a net $7.3mn in local equities Monday, while the Jakarta Comp finished little changed. Benchmark equity index has oscillated near yesterday's closing levels this morning.
  • Palm oil futures have found a base after a three-day retreat. The contract for December delivery is ticking away from one-week lows amid an uptick in the aggregate BBG Commodity Index.
  • Bank Indonesia is expected to raise the 7-Day Reverse Repo Rate by 25bp this Thursday, with some calling for a 50bp rate rise (see our preview here), as a recent increase in subsidised fuel prices is set to boost overall inflation.