Rupiah Under Pressure After Hawkish Fed Remarks

Spot USD/IDR has added 22 figs thus far and sits at IDR14,369, after hitting its best levels in two weeks. Further gains past Mar 24 high of IDR14,380 would allow bulls to target Mar 7/Jan 31 highs of IDR14,415/14,420. Meanwhile, a dip through Mar 30 low of IDR14,325 would clear the way to Mar 17 low of IDR14,275.

• USD/IDR 1-month NDF last seen +13 figs at IDR14,380. Bulls look to a move through Mar 23 high of IDR14,396, which would bring Mar 8 high of IDR14,480 into view. Bears need a fall through Mar 30 low of IDR14,329 to bring Mar 16 low of IDR14,264 & Mar 9 low of IDR14,253 into play.
• Kyodo sources noted that G20 Finance Ministers and central bank chiefs have decided not to issue a joint statement in the wake of their April 20 summit as member nations continue to wrestle over Russia's participation in the event. One debated solution involves having Indonesia, which holds the rotating presidency of the group, issue a statement in lieu of joint communique.