Shrugs Off Exports Beat

USD/IDR re-opened lower today, before trimming losses, and last sits -12 pips at IDR14,047. There has been little reaction to relatively strong exports data so far, with the figure rising 14.63% Y/Y vs. exp. of a deceleration in growth to +6.20% from +9.54%. We are still on the lookout for imports & trade balance.

• The Jakarta Public Order Agency said that "public discipline is waning" and violations of Covid-19 rules remain widespread in Jakarta, despite the recent tightening of restrictions.
• Bears need sales past IDR13,865, the low print of Jan 4, to jump into the driving seat. Bulls look for a rally above the 50-DMA at IDR14,133, towards the 38.2% recovery of the Oct - Jan sell-off/Jan 12 high at IDR14,204/14,205.
• Indonesian Pres Joko Widodo delivers a speech at the annual meeting of the Financial Services Authority today. As a reminder, the Indonesian legislature will debate a broad reform of the country's financial sector this year.
• Bank Indonesia will deliver its monetary policy decision next Thursday with almost all of the economists surveyed by BBG so far expecting no change to the main policy rate.