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Rupiah Lags Asia EM Peers Amid Higher U.S. Tsy Yields, Trade Data Eyed

IDR

Spot USD/IDR has added 45 figs and last trades at IDR15,563 on tighter U.S./Indonesia yield spreads. From a technical standpoint, Nov 4 high of IDR15,750 provides the initial topside target, while bears look for losses past Nov 11 low of IDR15,393.

  • USD/IDR 1-month NDF last +19 figs at IDR15,575. Topside focus falls on Nov 3 high of IDR15,838, while bears see Nov 11 low of IDR15,385 as their initial target.
  • Foreign investors sold a net $66.05mn in Indonesian equities Monday. The Jakarta Comp faltered ~1%, before recouping some of those gains this morning.
  • Palm oil futures have regained poise and last trade +MYR58/MT amid talk of deteriorating supply outlook due to adverse weather conditions in top growers. The aggregate BBG Commodity Index has added 0.19% so far.
  • President Widodo has opened the G20 summit in Bali. Bloomberg ran a source report noting that diplomats have agreed on a proposed joint statement despite differences on language surrounding Russia's invasion of Ukraine. The document still needs to be approved by the leaders.
  • Indonesian trade data will cross the wires at the top of the hour, with Bank Indonesia set to announce its rate decision Thursday. Trade surplus may have narrowed to $4.500bn in October from $4.990bn prior, according to a Bloomberg survey of analysts.
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Spot USD/IDR has added 45 figs and last trades at IDR15,563 on tighter U.S./Indonesia yield spreads. From a technical standpoint, Nov 4 high of IDR15,750 provides the initial topside target, while bears look for losses past Nov 11 low of IDR15,393.

  • USD/IDR 1-month NDF last +19 figs at IDR15,575. Topside focus falls on Nov 3 high of IDR15,838, while bears see Nov 11 low of IDR15,385 as their initial target.
  • Foreign investors sold a net $66.05mn in Indonesian equities Monday. The Jakarta Comp faltered ~1%, before recouping some of those gains this morning.
  • Palm oil futures have regained poise and last trade +MYR58/MT amid talk of deteriorating supply outlook due to adverse weather conditions in top growers. The aggregate BBG Commodity Index has added 0.19% so far.
  • President Widodo has opened the G20 summit in Bali. Bloomberg ran a source report noting that diplomats have agreed on a proposed joint statement despite differences on language surrounding Russia's invasion of Ukraine. The document still needs to be approved by the leaders.
  • Indonesian trade data will cross the wires at the top of the hour, with Bank Indonesia set to announce its rate decision Thursday. Trade surplus may have narrowed to $4.500bn in October from $4.990bn prior, according to a Bloomberg survey of analysts.