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Rupiah Sags Amid Light News Flow

IDR

Spot USD/IDR re-opened higher this morning, but has promptly given away the bulk of its early gains and last trades +33 figs at IDR14,435. There has been little of note in the way of local news flow, with focus on the broader picture and the greenback's overnight weakness.

  • Losses past the 50-DMA, which kicks in at IDR14,384, would open up the 200-DMA at IDR14,356. Conversely, a jump above May 3 high of IDR14,475 would open up Apr 28 high/76.4% recovery of the Apr 13 - May 10 slide at IDR14,518/14,519.
  • USD/IDR 1-month NDF last sits +10 figs at IDR14,516. A break above Jun 21 high of IDR14,578 would shift focus to Apr 21 high of IDR14,615. Bears eye Jun 18 low of IDR14,438 for initial support and a break here would expose the 50-DMA at IDR14,409.
  • Trade Min Lufti suggested that the gov't is holding consultations with the central bank and the mining industry on the planned launch of a domestic bullion bank in 2024.
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