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Rupiah Slips, Catching Up With Overnight Greenback Strength

IDR

Spot USD/IDR has added 23 figs thus far, broadly in line with the move in the U.S. dollar since the end of play on Tuesday. The rate last deals at IDR15,020, with bulls setting their sights on Jul 22 high of IDR15,038. A break here would expose May 5, 2020 high of IDR15,138. Bears seek a retreat towards the 50-DMA, which intersects at IDR14,799.

  • USD/IDR 1-month NDF last +23 figs at IDR15,043. On the topside, the initial target is provided by Jul 21 high of IDR15,133, followed by Jul 15 high of IDR15,190. Conversely, bears look for a sell-off past IDR14,966, which limited losses on Jul 8 & 25.
  • MYR/IDR last sits at IDR3,366, up ~3 figs on the day. A break above the IDR3,400 mark is needed to reinstate the broader uptrend. On the flip side, bears keep an eye on the nearby 50-DMA, which kicks in at IDR3,352.
  • SGD/IDR deals at IDR10,808, down ~11 figs on the day. Bearish focus falls on the 50-DMA at IDR10,666, while bulls look to renewed gains past yesterday's high of IDR10,833.
  • Palm oil futures have extended losses from Tuesday's after-hours trade. The most active contract changes hands MYR69/MT lower on the day.
  • President Widodo wrapped up his China visit, when he formally invited Xi Jinping to the upcoming G20 summit in Bali. Jokowi will today visit Japan en route to South Korea.
  • FinMin Indrawati and Energy Min Tasrif are set to speak at a G20 side event today. Otherwise, the local economic docket is virtually non-existent.
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