Rupiah Takes Hit After Extension Of Covid Curbs

Spot USD/IDR has picked up a bid today, after Indonesia tightened mobility restrictions in attempt to stop the resurgence of new Covid-19 infections. The rate last changes hands at IDR14,237, 34 figures higher on the day.

• Indonesian off'ls announced Monday that they are introducing stricter mobility curbs and capacity limits through Jun 28, adding that police patrols will be deployed to enforce compliance.
• Econ Min Hartarto & FSA Chair Santoso speak in a webinar hosted by the Indonesian Banking Development Institute today.
• Indonesian trade balance for the month of May will hit the wires at 0500BST. Analysts expect trade surplus to widen to $2.370bn from $2.190bn, per BBG consensus forecast.
• On Thursday, Bank Indonesia will announce their latest monetary policy decision. Virtually all analysts expect policymakers to stand pat on interest rates.
• Our Policy Team have published the State of Play piece ahead of the upcoming monetary policy decision, click here to access the article.
• A move past the 100-DMA at IDR14,287 would turn focus to Jun 4 high of IDR14,322. Conversely, a dip through Jun 11 low of IDR14,185 would open up May 10 low of IDR14,145.
• USD/IDR 1-month NDF last -2 figs at IDR14,273, with bears looking for a dip through Jun 11 low of IDR14,198. Bulls eye the 100-DMA/Jun 4 high at IDR14,371/14,379 for initial resistance.