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USD/IDR Rebound Continues, Equity Outflows Present, Bond Inflows Slow

IDR
EM BulletHomepagemarkets-real-timeBulletEmerging Market News

Since onshore markets returned at the start of the week (after being close Thurs/Fri last week), spot USD/IDR has tracked higher. Spot is back towards earlier May highs, last 16155/60, down a further 0.40% in IDR terms so far today.

  • Like elsewhere in the region, cross asset moves are a headwind for the currency, particularly in terms of US yields. Recent peak and troughs in USD/IDR have lined up with shifts in US yield momentum.
  • Local equities are also softening into month end, while offshore investors have net sellers of local equities in May to date (-$700.9mn). Net bond inflows have been in excess of $900mn, but momentum has slowed through the second half of May.
  • For spot USD/IDR, late April highs rest at 16288, but a move above 16200 may draw the reaction of the authorities from an intervention standpoint.
  • The local data calendar remains empty until next Monday when the May PMI and CPI prints are due.
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Since onshore markets returned at the start of the week (after being close Thurs/Fri last week), spot USD/IDR has tracked higher. Spot is back towards earlier May highs, last 16155/60, down a further 0.40% in IDR terms so far today.

  • Like elsewhere in the region, cross asset moves are a headwind for the currency, particularly in terms of US yields. Recent peak and troughs in USD/IDR have lined up with shifts in US yield momentum.
  • Local equities are also softening into month end, while offshore investors have net sellers of local equities in May to date (-$700.9mn). Net bond inflows have been in excess of $900mn, but momentum has slowed through the second half of May.
  • For spot USD/IDR, late April highs rest at 16288, but a move above 16200 may draw the reaction of the authorities from an intervention standpoint.
  • The local data calendar remains empty until next Monday when the May PMI and CPI prints are due.