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Rupiah Weakens Even As FinMin Indrawati Pledges Boost To Stimulus Budget

IDR

Spot USD/IDR has edged higher and sits +18 at IDR14,023. Bulls see the 50-DMA/Jan 28 high at IDR14,076/14,099 as the initial layer of resistance and a break here would open up the 38.2% retracement of the Oct - Jan slide/Jan 12 high at IDR14,204/14,205. Bears would be pleased by a retreat under Jan 22 low of IDR13,993, followed by Jan 4 cycle low of IDR13,865.

  • Indonesian FinMin Indrawati pledged to boost stimulus budget this year to IDR619tn from the previously estimated IDR533tn to better support domestic businesses and health sector amid the worst Covid-19 outbreak in Southeast Asia.
  • As mentioned in the MYR bullet, Indonesian Pres Widodo is set to hold an in-person meeting with Malaysian PM Muhyiddin on Friday.
  • FinMin Indrawati, Energy Min Tasrif & State-Owned Enterprises Min Thohir will take part in a meeting on energy subsidies today.
  • Indonesian GDP report, due Friday, headlines the local economic docket this week. Elsewhere, Danareksa Consumer Confidence will come out by the weekend.

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