Rupiah Slips After Indrawati Signals Softer GDP Expectations

Spot USD/IDR popped higher this morning, playing catch up to yesterday's moves & FinMin Indrawati's comments re: domestic GDP contraction seen after hours Monday. The pair breached trendline resistance drawn off Nov 13 and last trades +34 pips at IDR14,164.

• Next resistance comes at IDR14,222/14,227, which represent the high print of Nov 13/23.6% recovery of the Sep 11 - Nov 10 sell-off. On the downside, a slide through Dec 11 low of IDR14,080 would bring Nov 10 low of IDR14,004 & the IDR14,000 figure into view.
• Monday saw FinMin Indrawati note that Indonesia may experience a deeper econ contraction this year, with GDP expected to fall 1.7-2.2% Y/Y this year rather than 0.6%-1.7% as forecast earlier.
• In line with earlier reports, Indonesian Pres Widodo will announce new members of his cabinet later today. He is expected to name the replacements of two ministers detained under corruption charges.
• Elsewhere, Indonesian Coordinating Ministry for Econ Affairs holds a webinar on 2021 economic outlook today. Speaker slate includes Econ Min Hartarto, BI Gov Warjiyo & FinMin Indrawati.
• The Indonesian docket is virtually empty into the year-end.