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USD/IDR has been in demand as the........>

DOLLAR-IDR
DOLLAR-IDR: USD/IDR has been in demand as the rupiah has softened alongside the
yuan as well as the broader Asian FX space (worth noting numerous mkt closures
across Asia, which weigh on liquidity in the region). Needless to say that the
main driver is a worry re: Wuhan coronavirus and its potential economic impact.
- The Straits Times cited an Indonesian Health Ministry official, who said that
no coronavirus cases have been confirmed in the country so far, but at least
nine people have been examined/isolated and tested negative.
- Bank Indonesia intervened in bond & DNDF markets to curb IDR weakness amid
virus-inspired sell-off in Asian EMFX. 
- BI forecast Indonesian GDP growth to be +5.5-6.1% Y/Y in 2024, with inflation
reaching +2-4% Y/Y. BI Governor Warjiyo told lawmakers that structural reforms
enacted by the gov't will support Indonesia's medium-term economic perspectives.
- USD/IDR trades +24 at IDR13,607, slightly off highs. Bulls hope that the rate
will extend gains through the channel ceiling at IDR13,661 and towards the Jan
22 high of IDR13,685. On the downside, focus remains on the multi-year low of
IDR13,577 printed on Friday. Below would expose the IDR13,500 figure.

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