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Free AccessUSD/IDR Trims Initial Losses, 1-Month NDF Push Higher
Spot USD/IDR has pared the bulk of its opening losses and last changes hands at IDR15,238, down 25 figs on the day. A further advance past yesterday's high of IDR15,278 would please bulls, opening up the 61.8% retracement of the 2020 decline at IDR15,574. The 100-DMA provides the initial layer of support at IDR14,843.
- USD/IDR 1-month NDF last +37 figs at IDR15,244. Topside focus falls on Sep 28 high of IDR15,354, while bears keep an eye on the 100-DMA, which kicks in at IDR14,865.
- Foreign investors sold a net $40.89mn in local equities Thursday, while the Jakarta Comp was heavy, extending losses this morning. The index sits ~0.8% below neutral levels.
- Palm oil futures have advanced in early Kuala Lumpur trade, adding ~2.3% thus far. The aggregate BBG Commodity Index is barely changed.
- Bank Indonesia's executive director for monetary management said it will try to reduce reliance on the USD by allowing transactions in domestic NDFs in other currencies and finalising more local-currency settlement agreements. The official said rupiah weakness should be temporary, after which the exchange rate will return to its fundamental value.
- Indonesia's parliament passed into law the 2023 state budget which seeks to reduce the deficit to 2.84% of GDP from 3.9% projected for this year. FinMin Indrawati warned lawmakers that rising global interest rates and soaring inflation mean that financing the budget will become more challenging.
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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.