USD/IDR Hovers Above 50-DMA, Ministerial Rhetoric Takes Focus

Spot USD/IDR trades near neutral levels, last at IDR14,093, holding above the 50-DMA which gave way towards the back end of last week.

• S&P commented yesterday that BI's decision to ease lending rules is unlikely to boost loan growth as lenders are battling rising NPLs and collectability issues.
• Indonesian Foreign Min Marsudi scrapped her planned visit to Myanmar, with her spokesman noting that it was "not an ideal time."
• CNBC Indonesia is hosting a webinar with BI Gov Warjiyo and FinMin Indrawati today. The start was scheduled for 9:00 local time.
• Remarks from Dep FinMin Nazara on the gov't's Covid-19 stimulus are due at 10:30 local time. Dep State-Owned Enterprises Min Wirjoatmodjo will speak on Indonesia's new sovereign wealth fund at 13:30, while Trade Min Lufti will speak on the latest trade issues at 15:00.
• The Indonesian docket is virtually empty during the remainder of this week, focus turns to next week's Markit M'fing PMI, CPI data and Danareksa Consumer Confidence.
• A break above Feb 22 high of IDR14,130 is needed to encourage bulls to target Jan 12 high of IDR14,205. Bears look for a retreat under the 50-DMA at IDR14,048, towards Feb 16/Jan 4 lows of IDR13,873/13,865.