Rupiah Underperforming Better Risk Tone, Presidential Debate Later

USD/IDR sits near 15630 in recent dealings, down slightly from session highs at 15648. This is still fresh multi week highs in the pair. We are above all key EMAs, with Nov 13 highs back at 15721. Note on the downside, the 50-day EMA is back near 15560.

• IDR is underperforming a generally firmer global risk appetite backdrop, particularly in the equity space. Locally 5yr CDS remain very close to recent lows around 75bps. Palm oil prices have moved lower in recent weeks, although hasn't broken out of established ranges.
• Offshore portfolio flows are mixed, more positive in the bond space, +$364.5mn, versus modest outflows for equities (-$95.7mn month to date).
• The local data calendar is empty until Friday's trade print.
• Note later today we have the presidential debate from 7pm local time. Current Minister for Defence, Prabowo Subianto, is leading in the polls. His running mate is the son of current President Jokowi (see this BBG link).