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Spot USD/IDR has added 31 figs so far and last changes hands at IDR14,220. Topside focus falls on the 100-DMA at IDR14,285 and a break here would give bulls a green light for targeting Jun 4 high of IDR14,322. Conversely, a slip past Jun 11 low of IDR14,185 would bring May 10 cycle low of IDR14,145 into view.
- USD/IDR 1-month NDF last +15 figs at IDR14,257, with bulls looking for a jump above May 28 high of IDR14,381, followed by May 20 high of IDR14,475. On the flip side, a retreat under Jun 11 low of IDR14,198 would open up May 7 low of IDR14,133.
- Indonesia has extended luxury tax relief on vehicles with smaller engines, as it seeks to support demand amid the outbreak of Covid-19. Meanwhile, the gov't is proposing a hike to personal income tax on people earning more than IDR5bn a year.
- Indonesia's latest monthly trade report will be released tomorrow, while Bank Indonesia are set to deliver their monetary policy decision on Thursday. All analysts surveyed by BBG expect Indonesian policymakers to stand pat on benchmark interest rate.