USD/IDR Capped By 50-DMA, Indonesian Covid-19 Case Count Passes 1 Million

Spot USD/IDR failed to take out its 50-DMA yesterday and continues to trade below that moving average, last virtually unchanged at IDR14,066.

• Indonesian Pres Joko Widodo received the second dose of the Sinovac Covid-19 jab and announced that the gov't looks to ramp up the pace of inoculations to 0.9-1mn/day.
• Indonesia's case count has topped 1mn, marking the worst outbreak in Southeast Asia.
• Indonesian Econ Min Hartarto said Tuesday that the gov't "decided the size to be IDR553.09 trillion. It means the government sees that economic recovery in 2021 needs a similar support than in 2020."
• A break above the 50-DMA at IDR14,087 would allow bulls to take aim at Jan 18 high of IDR14,103. Above there opens the 38.2% retracement of the Oct - Jan slide/Jan 12 high at IDR14,204/14,205. Bears look for a dip through Jan 22 low of IDR13,993 before targeting Jan 4 cycle low of IDR13,865.
• Indonesian Trade Min Lufti will discuss the outlook for 2021 at 15:00 local time.
• There is nothing left on the local docket this week.