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Rupiah Retreats, Gov't To Tap State Cash Reserves To Fund INDOGB Purchases

IDR

Spot USD/IDR has been in demand this morning, following solid demand for the greenback seen overnight. The pair changes hands +43 figs at IDR14,264, with bulls looking for a break above Nov 11 high of IDR14,305 before taking aim at Nov 5 high of IDR14,390. Bears see Nov 15 low of IDR14,190 as their initial target.

  • USD/IDR 1-month NDF last seen +22 figs at IDR14,308. Bulls look to a clearance of Nov 11 high of IDR14,357 before targeting Nov 3 high of IDR14,462. Meanwhile, a pullback under Nov 15 low of IDR14,194 would bring Oct 26 low of IDR14,148 into view.
  • The government said that they are planning to use state cash reserves to purchase INDOGBs in the market amid continued foreign outflows.
  • Two million Indonesian workers are starting a series of strikes today to protest against a new rule which decreases the role of inflation in setting annual increases in the minimum wage.
  • The next monetary policy decision from Bank Indonesia (Thursday) & BoP current account balance (Friday) headline the local docket during the remainder of this week.
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