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Free AccessUSD/IDR Through 100-Day MA, FX Deposit Flows Remain Modest
USD/IDR continues to push higher, spot has gained a further +0.70% today for the pair, last near 15455. The pair is above all key EMAs, while we have broken above the simple 100-day MA as well (15429.50). Early Jan highs are in focus, just above the 15600 level.
- The currency is once again showing its sensitivity to core yield movements. IDR is the worst performer within the region month to date. We are mindful though of BI intervention risks, particularly if the pair gets back to those early Jan levels.
- Outflows continue from local fixed income and equity markets. This week has seen -$40.9mn flow out from the equity side, -$115.3mn from the bond side.
- So far, the take up of the FX deposit facility (for export earnings) has remained fairly modest. An additional $21.75mn was added and all in the 1 month tenor, BI noted yesterday.
- On the data front consumer confidence for Feb edged down to 122.4 from 123.0 The data calendar is now quiet until next week's trade figures (out on Wednesday).
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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.