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USD/IDR Just Off Recent Highs, Bonds Inflows Tracking Firmer In November

IDR

USD/IDR sits unchanged, last tracking at 15700. We have had a 10IDR range so far today, as markets await key US data later, when the CPI prints. Recent USD/IDR highs rest just above 15720, which is also near the 20-day EMA. On the downside, the 50-day sits back near 15614.5.

  • A recovery in bond inflows stalled towards the end of last week, but November has still seen $582.7mn of net inflows month to date. This follows a number of months of firm outflow pressure.
  • Near term sentiment will be dictated by the US inflation print, with US real yields not far off recent cyclical highs.
  • Still, BI sounded a little less dovish late yesterday, by nudging up their 2024 CPI projection to 3.2% from a 2.8% forecast made back in September. The central bank expects USD/IDR to be around 15510 in 2024 (see this BBG link).
  • On the data front, tomorrow October trade figures print.

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