USD/IDR has strengthened past its........>

DOLLAR-IDR: USD/IDR has strengthened past its 50-DMA at IDR13,778 with the

broader EMFX space finding itself on the back foot. The rate now trades +128

pips at IDR13,888. Previously documented, worrying developments surrounding the

Covid-19 epidemic have undermined IDR. Rupiah weakness invited an intervention

from BI, which stepped into DNDF, bond & FX markets to stabilise the currency.

- Indonesia's Econ Min Airlangga said that the country will implement stimulus

for the ailing tourism industry in March.

- A double bottom formation has materialised in the daily chart over the last

two months and bulls are clearly in the driving seat today. Their next target

comes with the 100-DMA, which intersects at IDR13,930. A break above there would

open up the Jan 6 high of IDR13,966. Bears would like to see a retreat below the

aforementioned 50-DMA at IDR13,778 & the Feb 20/4 highs of IDR13,775/73.