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USD/IDR Extends Losing Streak, Focus On Indonesia's Trade Data


Spot USD/IDR has extended losses in early trade this week as broader risk-on tone has sapped strength from the greenback. The rate last trades -28 at IDR13,945 as Indonesia awaits the release of its most recent trade data.

  • Indonesia's Tourism and Creative Econ Min said that the gov't considers opening an international travel corridor to Bali from low-risk countries, which have started Covid-19 vaccination campaigns.
  • Today's sell-off has allowed the pair to retrace 76.4% of its YtD range. A clean break under that Fibo level, tested at typing, would open up Jan 4 cycle low of IDR13,865. Conversely, a rebound above Feb 5 high of IDR14,048 would shift focus to the 50-DMA at IDR14,058.
  • Bank Indonesia will deliver its latest MonPol decision this Thursday, with 16/21 economists surveyed by BBG expecting policymakers to trim the main policy rate by 25bp to 3.50%.
  • Later in the week, Indonesian Q4 BoP current account balance comes out this Friday.

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