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Spot USD/IDR Soars To New Cycle Highs, Palm Oil Extends Weakness

IDR

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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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.