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Rupiah Posts Modest Gains With BI MonPol Decision Drawing Near

IDR

Spot USD/IDR has shed 8 figs so far, landing at IDR14,310 as a result. Bears would like to see a breach of Jan 11 low of IDR14,285 before targeting the 100-DMA at IDR14,265. Bulls look to a move through yesterday's high of IDR14,330 towards Jan 6/Dec 21 highs of IDR14,399/14,000.

  • USD/IDR 1-month NDF last seen -9 figs at IDR14,342. Downside focus falls on Jan 13 low of IDR14,292, with bulls keeping an eye on Jan 12 high of IDR14,367.
  • Data released Monday showed that Indonesia's trade surplus shrank to the narrowest during the pandemic, with the outlook for exports undermined by the coal exports ban.
  • Note that Trade Min Lufti will hold a media briefing on the outlook for trade this year in the afternoon.
  • The monetary policy meeting of Bank Indonesia, due to wrap up on Thursday, provides the main local risk event during the remainder of this week.
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