Rupiah Weakens Ahead Of Indonesian CPI

Spot USD/IDR has caught a bid, soaring to new cyclical highs. The rate last changes hands +55 figs at IDR15,653, with topside technical focus falling on the IDR16,000 mark. Conversely, a drop under Oct 28 low of IDR15,523 would open up Oct 5 low of IDR15,162.

• USD/IDR 1-month NDF last +11 figs at IDR15,669. Bulls look for further gains towards the IDR16,000 figure. Downside focus falls on Oct 26 low of IDR15,490, followed by Oct 5 low of IDR15,158.
• Foreign investors were net buyers of $61.57 in Indonesian stocks Monday, while the Jakarta Comp advanced. The benchmark index showed above its 50-DMA this morning before pulling back into negative territory.
• Palm oil futures started on a firmer footing today, with the most active contract last seen +MYR182/MT, after Russia suspended the Ukraine grain deal which may disrupt edible oil markets. Meanwhile, Indonesia extended its crude palm oil exports levy waiver through the year-end for prices of sub-$800/ton.
• Expansion in Indonesian manufacturing sector slowed in October, as headline index fell to 51.8 from 53.7 recorded in September. Still, accompanying commentary pointed to robust demand conditions and a further easing in inflationary pressures.
• Indonesian October CPI figures will be out at the top of the hour. Headline inflation is expected to have quickened to +5.98% Y/Y from +5.95% prior, while core inflation may have accelerated to +3.40% from +3.21%.