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Rupiah Trades Sideways, Awaits GDP Report

IDR

USD/IDR continues to trade sideways after forming a golden cross in recent days, which contrasts with the signal sent by an earlier head and shoulders pattern. The rate last sits +10 figs at IDR14,440, as we await the local GDP data.

  • Investment Min Pandjaitan will speak at 10am local time in a webinar organised by Indonesian Coal Mining Association.
  • Indonesia's Q1 GDP headlines the local docket today. Consensus sees the economy shrinking 0.65% Y/Y in Q1 (per BBG), with estimates ranging from -2.00% to +1.90%.
  • Foreign reserves data come out Friday, while there is no fixed time for the release of Danareksa Consumer Confidence this week.
  • Should bears manage to force a break below Mar 29 low/200-DMA at IDR14,410/14,406, they would be able to target Mar 18 low of IDR14,369. Bulls look for a clean breach of h&s neckline at IDR14,470 before targeting Apr 23 high of IDR14,550.
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