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USD/IDR Ebbs Lower Despite Bullish DMA Crossover

DOLLAR-IDR

Spot USD/IDR has extended gains, even as the 50-DMA crossed above the 100-DMA after spending almost three months below there. Yuan appreciation has weighed on USD/Asia, with broader recovery in risk appetite further pressuring the greenback.

  • FinMin Indrawati said late doors yesterday that the gov't expects a deeper growth contraction of over -2.1% Y/Y in Q3, while maintaining the outlook for full-year growth at -1.1% to +0.2%.
  • The rate sits -29 pips at IDR14,816, with bears looking for a break under Sep 4 & 7 lows of IDR14,705, followed by Aug 31 low of IDR14,505. Topside focus remains on Sep 11 high/round figure of IDR14,950/15,000, a break here would open up May 5 high of IDR15,138.
  • Bank Indonesia delivers its monetary policy decision tomorrow. All but two economists surveyed by BBG look for no change to the main policy rate.
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