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DOLLAR-IDR: USD/IDR has extended gains as Indonesia declared its first death
from Covid-19. The total number of confirmed cases in Indonesia stands at 27.
The rate opened on the back foot amid expectations for supportive measure from
Indonesia's gov't, after FinMin Sri Mulyani Indrawati pledged readiness to reach
for all possible tools yesterday. However, USD/IDR crept higher through the
session amid softer sentiment & downbeat rhetoric from BI re: global & domestic
GDP outlook.
- Gov Warjiyo said that BI has cut its global growth forecast to +2.7%-2.8% Y/Y
from +3%, adding that the Bank will lower its domestic growth estimate at the
next policy meeting, scheduled for Mar 19. On IDR, he judged that currency
weakening is "still relatively good." Finally, BI said it will intervene in bond
mkt to shield confidence.
- USD/IDR last seen +38 pips at 14,389. Bullish focus is on yesterday's
multi-month high of IDR14,412, with the May 22 peak at IDR14,528 providing the
next target above. Bears look for a pullback towards the IDR14,200 mark.