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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI: BOJ Tankan: Key Sentiment Rises, Solid Capex Plans
MNI ASIA OPEN: Weak 30Y Reopen, ECB Forward Guidance Weighing
MNI ASIA MARKETS ANALYSIS: Tsys Reverse Early Data Driven Gain
USD/IDR Recovers From Earlier Lows, BI Sees USD/IDR 2024 Average Sub 15000
USD/IDR gapped lower at the open, hitting 15217, but sits slightly higher now, last near 15235, still ~0.15% firmer in IDR terms versus yesterday's close. The 1 month NDF has seen modest upside today versus NY closing levels on Tuesday, last at 15241.
- For spot USD/IDR we are right on the 20-day EMA, but haven't tested the simple 200-day MA yet, which comes in at 15204. Earlier highs from the week came in around ~15300.
- IDR has benefited from the pull back in US real yields following US data misses, the 10yr back to +183bps, versus recent cyclical highs of +200bps. Global equities are also giving a risk on impulse, which may help stabilize Indonesian portfolio flows. Yesterday saw -$106.9mn in fresh equity outflows, while bond outflows last week were at -$446.3mn
- BI Governor Wariyo stated late yesterday that 68 exporters had placed export proceeds into special accounts onshore, up from 34 previously. The Governor stated this could bring in $8-9bn in extra FX reserves by December. The central bank sees USD/IDR averaging 14850 next year versus 15000 for 2023. Note the YTD 2023 average is 15080.
- The local data calendar remains quiet Friday when August CPI prints, along with the manufacturing PMI.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.