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DOLLAR-IDR: USD/IDR trades +42 at IDR13,657, showing above the channel top at
IDR13,653. Concern about the economic toll of China's coronavirus continues to
generate selling pressure on the rupiah. As a result, Bank Indonesia intervened
in bonds, FX & DNDF markets to maintain IDR stability. Per a BI off'l, the Bank
purchased bonds from secondary mkt between 10:15-10:45am local time. This is the
second day when BI steps in to stabilise IDR, despite rhetoric pointing to
fundamentals-driven rupiah appreciation over the recent months.
- Indonesian FinMin Indrawati said that he expects the country's GDP growth to
have slightly accelerated to 5.06% Y/Y in Q4 from 5.02% recorded in Q3. This
would put GDP growth for the full 2019 at 5.05%, below gov't target of 5.3%
(same as this year's target). Official GDP data is due next week.
- A lift above the Jan 22 high of IDR13,685 would encourage bulls to target
IDR13,720, where the rate peaked on Jan 15. On the flip side, bears look for a
pullback and slide through the multi-year low of IDR13,577, registered last
Friday. A break here would bring the IDR13,500 into play.