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Rupiah Slips With Bank Indonesia Set To Address Inflation Through Food Mkt Ops

IDR

Spot USD/IDR has added 25 figs so far and last deals at IDR14,877. Bullish technical focus falls on Aug 4 high of IDR14,939 and a break here would open up Jul 22 high of IDR15,038. Bears look for a slide through the 50-DMA at IDR14,848.

  • USD/IDR 1-month NDF last +2 figs at IDR14,886. On the topside, attention is drawn to Aug 5 high of IDR14,990. On the flipside, eyes are on IDR14,824, the low print of Aug 8.
  • Palm oil futures have faltered in morning Kuala Lumpur trade, giving back the bulk of gains registered Tuesday. The contract for October delivery trades -MYR17.00/MT at MYR4,102/MT.
  • Bank Indonesia Gov Warjiyo said volatile food inflation "should not" top +6.0% Y/Y. The growth in food prices "is not just an economic problem, but a social problem that's mainly caused by global problems." To address this issue, Bank Indonesia and the gov't will conduct food market operations across Java through the year-end.
  • At the same time, the Governor noted that Indonesia's overall inflation is still lower than in most other countries, while the economy has not yet fully recovered. This suggests that Bank Indonesia is in no rush to raise its benchmark policy rate and prefers to rely on supply-side measures to baring food prices under control.
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