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Rupiah Shows Some Weakness, Moves Away From Five-Week High

IDR

Spot USD/IDR trades +15 figs at IDR14,453, moving away from a five-week low printed last Friday. Bulls would be pleased by a run towards May 31 peak located at IDR14,598. Conversely, a dip through Friday's low of IDR14,423 would open up Apr 19 low of IDR14,334.

  • USD/IDR 1-month NDF last +20 figs at IDR14,457. Bulls look to a rally towards May 31 high of IDR14,601, while bears keep an eye on Jun 2 low of IDR14,393.
  • Indonesia has set a domestic palm oil sales quota at 300,000 tons this month to ensure adequate domestic supply of the commodity. Producers will be allowed to export up to five times the volume of what they have to sell domestically.
  • On the data front, official consumer confidence gauge is expected to hit the wires on Thursday, with Danareksa Research's counterpart also expected this week.

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