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USD/IDR Close To May Highs, Portfolio Outflows Evident In Recent Sessions

IDR

USD/IDR opened up firmer getting to 14765, which is right around May highs. We have pared gains somewhat, last just under 14750. Note late April highs sit around 14925, while on the downside, we haven't spent much time sub 14700, while early May lows come in under 14600.

  • Cross-asset headwinds persist for IDR. Local equities are now 3% off late April highs, with the benchmark continuing to track lower today (-0.50%). Yesterday saw $61.8mn in net equity outflows, while Wednesday saw -$189.2mn in bond outflows. Hence the portfolio flow backdrop has turned less supportive in recent sessions.
  • We continue to see palm oil prices correct lower as well, now back to late Mar lows. Broader commodity sentiment has been weaker in recent sessions, with concerns on China demand weighing at the margins.
  • The local data calendar is quiet until next Monday when Apr trade figures print.
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