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Rupiah Rangebound, S&P Warns That Debt Reduction May Take Longer Than Planned

IDR

Spot USD/IDR rangebound, last seen +15 figs at IDR14,268. Should bulls manage to force a break above Jun 4 high of IDR14,322, bulls could take aim at May 20 high of IDR14,400. Bears look for a retreat towards May 10 trough, located at IDR14,145.

  • USD/IDR 1-month NDF sits -13 figs at IDR14,303. Downside focus falls on Jun 1 low of IDR14,257, with bulls looking for gains past May 28 high of IDR14,381.
  • S&P warned yesterday that "it will be challenging for the [Indonesian] government to reduce its deficit to below 3% of GDP by 2023 as planned," even as the economy is expected to grow 4.5% Y/Y this year.
  • Investor Daily Indonesia cited an off'l with the Finance Ministry as noting that the economic recovery programme should be extended to 2022.
  • Indonesia's Covid-19 task force will hold a briefing today, while lawmakers will discuss the base assumptions of 2022 state budget.
  • The consumer confidence index will be published by Badan Pusat Statistik Indonesia later today. The Danareksa gauge, released yesterday, was little changed vs. the prior month.
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