USD/IDR Off ~1% From Yesterday's High, Local Equities Outperforming

USD/IDR has done an abrupt u-turn from highs early yesterday. From highs near 14930 we are now back at 14775 (we closed yesterday at 14833). This is a solid -1% correction lower in the pair over this time frame. Note that mid Apr lows in the pair come in at the 14645 level, which bears could target on the downside.

• We did see decent net equity inflows yesterday of +$122.1mn from offshore investors, bringing April to date inflows to $758.8mn, which is the best in the region. Onshore equities outperformed yesterday (+1.29%), as local markets returned from the 5-day break. The JCI is around flat so far today, but not too far off its 200-day MA.
• The lead from global equities/commodities has been less positive, but this is doing little to stop the IDR rebound at this stage.
• Note that the Trade Minister will hold a briefing on its policy around cooking oil at 10am local time (which is in just under 20mins).
• The local data calendar swings back into gear next Tuesday with Apr PMI and CPI readings due.