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Rupiah Welcomes Relaxation Of Covid Rules

IDR

The rupiah has grown a tad firmer after Indonesia's gov't announced a further relaxation of Covid-19 curbs on Monday.

  • Minister in charge of Covid-19 response Luhut Panjaitan announced another round of easing restrictions on activity. The Bali airport will start receiving direct foreign arrivals from Oct 14, joining Jakarta and Manado facilities. Furthermore, businesses including fitness centres and cinemas will be allowed to reopen, subject to capacity limits. Finally, the gov't will go ahead with a trial return to normal life in the city of Blitar, East Java, by next week.
  • Indonesian consumer confidence data take focus this week, with both the official and Danareksa gauges coming up.
  • Spot USD/IDR sits -9 figs at IDR14,258. Bears look for a deeper sell-off past Sep 17 low of IDR14,212 towards Sep 10 low of IDR14,203. Bulls would be pleased by a bounce above the 50-DMA/Sep 30 high at IDR14,327/14,333.
  • USD/IDR 1-month NDF last -8 figs at IDR14,292. Bears eye Sep 7/Jun 11 lows of IDR14,201/14,198 for initial support, while bulls look to a recovery past Sep 29 high of IDR14,394. Mind that the 50- & 200-DMAs have just formed a death cross.
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