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USD/IDR 1-Month NDF Creeps Higher, Palm Oil Falters

IDR

Spot USD/IDR last operates -15 figs at IDR15,480, hovering above Nov 11 low of IDR15,393. A break here would open up the 50-DMA, which kicks in at IDR15,312. Bullish focus falls on Nov 4 cyclical high of IDR15,750.

  • USD/IDR 1-month NDF last +21 figs at IDR15,491. On the topside, attention is drawn to Nov 10 high of IDR15,743, followed by Nov 3 high of IDR15,838. Bears set their sights on the 50-DMA intersecting at IDR15,331.
  • Offshore investors were net sellers of $42.66mn in Indonesian stocks last Friday, but the Jakarta Comp rallied 1.76%. The index has virtually erased those gains this morning.
  • Palm oil futures have retreated and the contract for January delivery last trades -MYR111/MT after top-grower Indonesia said it wants to double its output over the next two decades.
  • Indonesia's international merchandise data will be published tomorrow, with headline trade surplus expected to have moderated to $4.487bn in Oct from $4.990bn prior.
  • Later this week, Bank Indonesia will announce its monetary policy decision Thursday. Most economists expect a 50bp hike to the 7-Day Reverse Repo Rate, but 8/28 in a Bloomberg survey have pencilled in a 25bp move.
  • Worth noting that Indonesia is looking to swiftly adopt an omnibus financial sector bill that would among others expand the central bank's mandate to include economic growth and job creation.
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