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Rupiah On Defensive Amid Palm Oil Weakness, INDOGB Curve Keeps Flattening

IDR

Spot USD/IDR has added 42 figs to last trade at IDR15,703, with bullish focus falling on Nov 4 high of IDR15,750. Bears see Oct 28 low of IDR15,523 as their initial target. The rupiah struggles versus the greenback like most of its regional peers, with the ADXY index losing altitude.

  • USD/IDR 1-month NDF last +44 figs at IDR15,720. Topside focus is on Nov 3 high of IDR15,838, while bears target Oct 26 low of IDR15,490.
  • Foreign investors bought a net $22.37mn in Indonesian stocks Wednesday. The Jakarta Comp inched higher but has lost ground today, fully erasing yesterday's gain. It last operates ~1% lower on the day, testing its 200-DMA.
  • Palm oil futures for January delivery have faltered this morning and last change hands -MYR91/MT, moving past their 100-DMA, with much awaited data on Malaysian production due within an hour. The aggregate BBG Commodity Index is little changed on the day.
  • INDOGB yield curve continues to flatten and 5-Year/10-Year spread has now tightened to less than 20bp for the first time since early 2019, as Bank Indonesia implements its "Operation Twist."
  • The Russian diplomatic mission to Indonesia confirmed that Vladimir Putin will skip the G20 summit in Bali next week and Foreign Minister Lavrov will lead the Russian delegation. The summit will provide an opportunity for President Widodo to make progress on economic deals with the world's wealthiest nations.
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