Tracking Lower For The Fourth Straight Week, USD/IDR Through 15300

Spot USD/IDR is through the 15300 level, last tracking around the 15315/20 region. This puts us back to mid Jan levels. The pair is above all key EMAs, while the simple 100-day MA sits higher at 15432.

• IDR is the second worst performer within the region this past week, down 0.60%, with only MYR, off by nearly 1%, a worst performer. The rupiah is tracking lower for the fourth straight week.
• The continued push higher in core yields remains a headwind. The real US 10yr yield is back to levels form late last year, with USD/IDR trading above 15600 during that time.
• Onshore equities are down 0.60% at this stage. The JCI is back below its simple 50-day MA, but dips below this level have typically been supported in recent weeks.
• Offshore net equity inflows slowed yesterday (+$7.4mn), but remain positive for the week at $216.6mn.
• Exporters placed $15mn in the BI new deposit facility, all reportedly in the 1 month tenor. This will be watched in terms of take up to gauge the boost to Indonesia's FX reserves from the scheme and its ability to withstand external pressure episodes.