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Rupiah Rangebound, Trade Data Eyed

IDR

Spot USD/IDR changes hands +17 figs at IDR14,619, holding yesterday's range.

  • An official at the Energy and Mineral Resources Ministry told Antara that the gov't could save IDR22.12tn in spending if it scraps power subsidies for 15.2mn users. The gov't is currently drafting its electricity subsidy scheme for 2022.
  • A break above Apr 13 high of IDR14,635 would shift focus to Oct 23 high of IDR14,708. Conversely, bears would be pleased by a retreat under Apr 7 low of IDR14,470.
  • Indonesian trade data headlines the local docket today. Consensus forecast is for trade surplus to shrink to $1.6bn, with exports growth expected to accelerate to 12.23% Y/Y.
  • Next week, focus moves to the latest monetary policy decision from Bank Indonesia, who are widely expected to leave interest rates unchanged.

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