Rupiah Weaker Despite Strong PMI Reading

Spot USD/IDR has gone bid today, playing catch up with Friday's gains in the greenback, despite strong PMI data released out of Indonesia. The rate last operates +49 figs at IDR14,217. Topside focus falls on Oct 13 high of IDR14,224 and a break here would open up the 50-DMA at IDR14,241. Conversely, bears keep an eye on Oct 18 low of IDR14,057.

• USD/IDR 1-month NDF last seen -5 figs at IDR14,266. A fall through Oct 26 low of IDR14,148 would expose Oct 15 low of IDR14,058. On the flip side, bulls eye the 50-DMA at IDR14,278 for initial resistance, followed by Oct 6 high of IDR14,336.
• Monthly PMI report showed that Indonesia's m'fing sector experienced a strong rebound in October, with headline index improving to 57.2 from 52.2. This points to the fastest pace of expansion on record.
• Focus turns to Indonesia's CPI data, due for release within less than an hour. Bank Indonesia projected that headline inflation will register at +1.64% Y/Y, based on their survey in their fourth week of October. Worth noting that quarterly GDP report will be published on Friday.
• Meanwhile, Indonesia's Covid-19 situation has continued to stabilise. Officials will unveil the weekly review of mobility restrictions today.