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Futures Test Highs


Marginally Softer


PREVIEW: Primary Dealer NFP Estimates


RBC Trades For 2022

INDONESIA: VIEW: SocGen note that "despite no formal lockdown, 2Q20 will see a
major economic contraction as businesses and employment take a big hit. While we
expect a contraction of 4.4% in the quarter, the figure could be even worse, as
millions have lost their jobs with micro, small & medium-sized enterprises
(MSMEs), especially micro enterprises, which account for a large share of total
employment. Even with livelihoods given precedence over lives, various
high-frequency data suggest a major hit to the economy in the quarter.
Unsurprisingly, BI cut the policy rate (as we expected) by another 25bp at its
June meeting to 4.25% after having stayed on hold in April and May. We believe
that BI is not yet done and expect a final cut (another 25bp) in 3Q20, in July
or by August, by which time the 2Q20 GDP data will be out."
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |