Rupiah Shows Resilience

Spot USD/IDR trades -20 figs at IDR14,976, bowing to pressure from overnight improvement in wider risk sentiment. From a technical perspective, losses past Jun 27/21 lows of IDR14,794/14,784 would signal potential for a deeper sell-off. Bulls look for a jump above Jul 6 cycle high of IDR15,024 before targeting May 5, 2020 high of IDR15,138.

• USD/IDR 1-month NDF last -7 figs at IDR14,984. Downside focus falls on Jun 27 low of IDR14,788, while bulls keep an eye on Jul 5 cycle high of IDR15,084.
• MYR/IDR last -5 figs at IDR3,384 and a retreat under Jun 27 low of IDR3,358 would suggest that a bearish reversal is on the cards. Bulls need a rally above Jul 1 high of IDR3,399 to confirm the strength of underlying topside impetus.
• SGD/IDR has given away its initial gains and last sits -3 figs at IDR10,696. Further losses past Jun 23 low of IDR10,652 would pleased bears, while bulls look for a move through Jul 1 high of IDR10,754.
• Reminder that Indonesia is hosting a summit of G20 foreign ministers.
• Indonesia's official consumer confidence gauge is expected to print later today.