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Rupiah Stays Firm, Senior Officials To Speak

IDR

Spot USD/IDR has shed 20 figs and last deals at IDR14,958 as the rupiah shows resilience in the face of general greenback strength. Technical focus falls on Jun 27/21 lows of IDR14,794/14,784, a break here would support the bearish case. Bulls look for a rally above Jul 6 high of IDR15,024, followed by May 5, 2020 high of IDR15,138.

  • USD/IDR 1-month NDF last -5 figs at IDR14,983. Downside focus falls on Jun 27 low of IDR14,788, with bulls keeping an eye on Jul 5 high of IDR15,084.
  • Malaysian markets are closed today, while SGD/IDR deals +8 figs at IDR10,678, comfortably within the confines of a familiar range.
  • Indonesia's 5-Year CDS premium (one of the rupiah stability indicators watched by Bank Indonesia) extends its pullback from a two-year high printed just above 150bps last Thursday.
  • Worth flagging that Indonesia will tighten COVID-19 rules from next week. Domestic travellers who have not received their booster jabs will be required to present a negative pre-departure test.
  • President Widodo, Bi Gov Warjiyo & FinMin Indrawati will all speak at a G20 forum this morning.
  • Indonesian trade report, due for release Friday, takes focus later this week.
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