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Rupiah On Firmer Footing

IDR

Spot USD/IDR re-opened sharply lower, with broader greenback weakness driving the move. It last deals -35 figs at IDR14,598, with bears looking for a further retreat under May 11 low of IDR14,525. Meanwhile, should bulls reclaim May 20/23 highs of IDR14,678, they could take aim at May 19 high of IDR14,738.

  • USD/IDR 1-month NDF last -23 figs at IDR14,598. Bears look for a sell-off past May 11 low of IDR14,516, while bulls keep an eye on May 16 high of IDR14,772.
  • Bloomberg cited veteran analyst Dorab Mystry as noting that Indonesia's palm oil exports "are still not fully operational," with domestic storage tanks filling up quickly.
  • Indonesia's S&P Global M'fing PMI and monthly CPI figures will be out next Thursday.

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