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Rupiah Strengthens Despite Weak Showing From Palm Oil, Jakarta Comp

IDR

Spot USD/IDR has shed 37 figs so far as the greenback underperforms. The rate last changes hands at IDR15,531, with bears looking for a move towards Oct 5 low of IDR15,162, while bullish focus falls on Oct 21 cycle high of IDR15,634.

  • USD/IDR 1-month NDF last -28 figs at IDR15,533. Bears would be pleased by a breach of Oct 26 low of IDR15,490, while bulls take aim at Oct 21 high of IDR15,674.
  • Foreign investors bought a net $57.66mn in Indonesian equities Thursday, while the Jakarta Comp advanced, with gains capped by the 50-DMA. Following the rejection of that moving average, the index has retreated today.
  • Palm oil futures have softened on the final trading day of the week, with the most active contract last dealing -MYR93/MT. The aggregate BBG Commodity Index is also weaker.
  • The next local data release of note is October CPI report, due November 1.
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