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(G2) Strong Rebound From Yesterday’s Low

DOLLAR-IDR: USD/IDR started on the back foot, amid broader risk-on flows
inspired by well-documented factors, but has moved away from lows. Indonesian
FinMin Sri Mulyani Indrawati said that the gov't expects this year's economic
growth to fall within the range of 0% to +1% Y/Y, but the official forecast
range remains -0.4% to +2.3%, while growth prospects are contingent on economic
performance in Q3 & Q4. He added that domestic economy likely shrank 3.1% in Q2.
- USD/IDR sits -15 pips at IDR14,100. Bears look for a drop below IDR13,873,
which limited losses on Jun 8. A rally above the 200-DMA at IDR14,360 would open
the 23.6% retracement of the Mar 23 - Jun 8 sell-off at IDR14,522.
- Bank Indonesia delivers its monetary policy decision on Thursday.
MNI London Bureau | +44 203-865-3806 |
MNI London Bureau | +44 203-865-3806 |