USD/IDR Back Sub 15700, But Rupiah Still Down For The Amid Portfolio Outflows

USD/IDR spot sits back at 15690, off recent highs in the 15730/35 region. The 20-day EMA sits near 15655, but arguably more important support is at the 100-day EMA down at 15570, a support level we haven't breached since late last year. The rupiah is still the worst performing EM Asia currency in the past week, down 0.60% in spot terms.

• The better global equity market backdrop is likely aiding risk appetite, with Indonesia 5yr CDS down a touch to 69.5bps. Palm oil prices are also tracking higher to fresh multi-month highs.
• Still, portfolio flows in the equity and bond space from offshore investors remain flat to negative. US real yields (10yr basis) are off recent highs, but domestic uncertainty around the new government and its fiscal outlook may be keeping some investors on the sidelines.
• BBG also noted corporate and financial institutional USD buying was evident yesterday, which may have related, in part, to month end flows.
• On the data front, Feb CPI was a touch firmer in terms of the headline, (+2.7% y/y, versus 2.6% forecast and 2.57% prior), but core was steady at 1.68%, in line with the Jan out and the 1.70% forecast. The Feb PMI edged down slightly to 52.7 from 52.9.