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USD/IDR 1-Month NDF Edge Higher After Jakarta Comp Breached Key Support

IDR

Spot USD/IDR changes hands -4 figs at IDR15,354, looking for fresh catalysts. Bears look for a slide through Sep 30 low of IDR15,150, while bulls keep an eye on 61.8% retracement of the 2020 sell-off/Apr 23, 2020 high at IDR15,574/15,598.

  • USD/IDR 1-month NDF last +24 figs at IDR15,369. Topside focus is on the 50% retracement of the 2020 - 2021 slide at IDR15,562, while bears look to force a pullback under Oct 5 low of IDR15,158.
  • Palm oil futures popped higher as markets re-opened in Kuala Lumpur, albeit gains have been marginal, with the most active contract sitting +MYR20/MT. The aggregate BBG Commodity Index operates a touch below neutral levels.
  • Foreign investors were net buyers of $13.66mn in Indonesian stocks Wednesday, while the Jakarta Comp breached support from its 200-DMA and finished 0.4% lower on the day. The index holds yesterday's losses this morning.
  • INDOGB 5-Year/10-Year yield spread has been narrowing over the past two weeks, closing on its cyclical lows. The differential remains under scrutiny after Bank Indonesia launched "Operation Twist" to flatten the curve. The central bank will review its monetary policy next Thursday.
  • Economy Minister Hartarto speaks today, while domestic data docket is virtually empty.
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