USD/IDR Back Close To YTD Highs, Local Equities Sub 200-day MA

USD/IDR is up a further 0.5%, last tracking near 16245/50, which is on session highs. We are close to late April levels above 16280, while the YTD high was at 16288. Hence, we wouldn't be surprised to see some step up in official rhetoric or actual intervention if we breach these previous highs.

• The 20-day EMA sits back near 16071 on the downside, while the pair has spent little time sub the 16000 level since the first part of April.
• Cross asset headwinds continue to be evident for the rupiah. Local equity market weakness has been particularly prevalent in recent sessions. The JCI has broken sub its simple 200-day MA, off a further 1.5% today. Earlier we hit fresh lows in the index back to late November last year, although we are up from these levels in recent dealings.
• Offshore investors have sold -$808.3mn of local shares this month, the most in the EM Asia region. The renewed push high in US yields is likely to be weighing on sentiment. The real 10yr US yield is back close to late April highs.
• The data calendar remains empty until the start of next week when the PMI and CPI prints are due.