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Free AccessSpot USD/IDR Soars To New Cycle Highs, Palm Oil Extends Weakness
Spot USD/IDR has turned bid, absorbing risk-off flows from after Asia hours Friday, with greenback strength extending into the new week as a function of continued GBP sales. The pair last operates +75 figs at IDR15,112, with topside technical focus falling on May 5, 2020 high of IDR15,138. Bears look for a pullback under Sep 12 low/100-DMA at IDR14,818/14,812.
- USD/IDR 1-month NDF last +14 figs at IDR15,156. Bulls eye Jul 15 high of IDR15,190 for initial resistance, while bears would be pleased by a dip through the 100-DMA, which intersects at IDR14,841.
- Offshore investors shed $50.84mn in local equities last Friday, with the Jakarta Comp showing some weakness. Benchmark stock index dropped sharply this morning, losing ~1.9% thus far.
- Palm oil futures have extended losses at the start to the week, with the contract for December delivery last seen MYR183/MT lower, approaching cyclical lows printed on Sep 8 at MYR3,515/MT. The aggregate BBG Commodity Index is also heavy, faltering to fresh two-month lows this morning.
- There is little of real note on the local data docket this week.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.