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USD/IDR Eyeing Further Downside Pullback Amid Positive Cross Asset Trends Post FOMC

IDR

USD/IDR sits comfortably off Wednesday closing levels in the first part of trade. The pair last sub 15860, 0.50% stronger in rupiah terms. The 15950/60 level looks to represent somewhat of a line in the sand in terms of near term topside resistance. On the down we have spent little time sub 15850 in recent weeks.

  • Further on the downside is the 20-day EMA just under 15800.
  • Like elsewhere in the region the IDR is benefiting from the broader pull back in USD and fall in US real yields from Wednesday's session. US-ID 10yr government bond yield spreads are near +236bps, not too far off recent highs.
  • Elsewhere in the cross-asset space, local equities are +1.70% higher at this stage, while 5yr CDS is back to 93bps.
  • The local data calendar is quiet until next week's Q3 GDP print (out on Monday).
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