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USD/IDR Firms Despite Better Cross Asset Signals

IDR

USD/IDR hasn't enjoyed the softer USD sentiment seen elsewhere in Asian FX and in the majors so far in Friday trade. The pair was last near 15945, around 0.15% weaker in IDR terms and close to Monday highs (above 15960), which came before intervention headlines crossed.

  • Better cross asset signals have been evident from 5yr CDS ticking down (back to 101bps), while local equities are higher (+0.90%). US yields have risen a touch, but are largely holding Thursday losses, (where US real yields pulled back from cyclical highs).
  • Markets will remain wary of BI intervention particularly around Monday highs and near the 16000 figure level.
  • A BI spokesperson said earlier that an off cycle tightening by the central bank is unlikely (albeit not a 0% probability, see this BBG link). The next central bank meeting is on the 23rd Of November.
  • The local data calendar swings back into gear in the middle of next week, with Oct CPI due and the PMI.
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