USD/IDR Holding Above 15000 Despite Positive Cross-Asset Backdrop

USD/IDR sits little changed in the first part of trading today. The pair last at the 15025 level, which is close to where we opened. We did tick up to 15035 but had little follow through. On the topside, the 200-EMA isn't too far away, sitting at 15041. Earlier July highs came in above 15200. The 20 and 100 day EMAs are just below current spot levels, while further south is the 50-day 14981.

• The main focus from a macro standpoint will be tomorrow's BI meeting outcome, which is widely expected to deliver no change to the policy rate (currently at 5.75%).
• Offshore the focus will be on the Fed outcome, although BI will likely stand ready to curb any excessive rupiah weakness.
• In the cross-asset space, 5-yr CDS holds close to recent lows, while energy related commodities and palm oil continue to track higher. This hasn't provided IDR with much relief in the past week though (palm oil back near 4000/MYR).
• Local equities are also tracking higher, the headline JCI last near 6900, not too far off July highs. Last week saw $140.63mn in local equity flows from offshore investors.
• Locally, Finance Minister Indrawati will hold a monthly budget briefing this morning.
• President Jokowi will visit China later this week and meet with China President Xi Jinping.