Rupiah On Defensive Amid Weaker Commodities, Continued Equity Outflows

Spot USD/IDR trades +50 figs at IDR15,363 after ripping through resistance from Oct 4 high of IDR15,309. Bulls look for further gains towards the 61.8% retracement of the 2020 sell-off/Apr 23, 2020 high at IDR15,574/15,598. Bears look for a dip through Sep 30 low of IDR15,150.

• USD/IDR 1-month NDF last +41 figs at IDR15,395. Bulls eye resistance from the 50% recovery of the 2020 - 2021 retreat at IDR15,562. Bears see Oct 5 low of IDR15,158 as their initial target.
• Foreign investors shed a net $47.13mn in Indonesian equities Monday, the second consecutive day of outflows. The Jakarta Comp fell ~0.5% and remains heavy this morning, albeit support from its 200-DMA still holds.
• Palm oil futures re-opened on a softer footing in Kuala Lumpur and the contract for December delivery trades MYR60/MT lower at typing. The aggregate BBG Commodity Index operates ~0.1% below neutral levels.
• Indonesia's 5-Year CDS premium keeps widening and last sits at 161.9bp, flirting with Sep 29/Jul 15 cycle highs of 163.7/164.4bp.
• Pres Widodo, Investment Min Panjaitan and Economics Min Hartarto speak at a forum hosted by the Investor Daily today.
• Danareksa Consumer Confidence is expected to cross the wires in the coming days.