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Rupiah Pulls Back From Three-Week High


Spot USD/IDR has crept higher today. In the absence of local catalysts, the move should be attributed to broader market trends, with the U.S. dollar garnering some strength today. The rate last changes hands at IDR14,583, up 25 figs on the day. Bulls now look for a rally towards May 20 & 23 highs of IDR14,678, while bears would be pleased by a fall through May 30 low of IDR14,530.

  • USD/IDR 1-month NDF last seen +33 figs at IDR14,584. Topside focus falls on May 24 high of IDR14,708, while bears keep an eye on May 30 low of IDR14,523.
  • FinMin Indrawati outlined the priorities of the government's reform of Indonesia's finance sector in a speech yesterday, but her comments were very general in nature.
  • Participants look ahead to the release of S&P Global M'fing PMI & monthly CPI on Thursday.

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