INDONESIA CENTRAL BANK: Bank Indonesia Intervenes To Stabilise Rupiah
Bloomberg runs comments from Bank Indonesia Executive Director Erwin Hutapea, who says that the rupiah fell in line with regional FX on the back of tariff uncertainty, and the central bank has intervened in markets to stabilise the currency.
- Spot USD/IDR has added 0.4% to last trade at 16,338. USD/IDR 1-month NDF deals 0.3% higher on the session.
- The rupiah was the worst performer in the Asia EM FX space overnight.
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BOJ: Ueda: Close Communication With MOF On Tapering Plans
- "BOJ GOV UEDA: MAINTAINED CLOSE COMMUNICATIONS WITH MOF IN TAPERING PLAN" RTRS
- "BOJ GOV UEDA: OUR DECISION ON FUTURE TAPERING REMOVES ONE UNCERTAINTY FOR GOVT IN TERMS OF BOND ISSUANCE PLANNING" RTRS
A reminder that the MOF is scheduled to hold a meeting with market participants on June 20 (Friday)
SILVER TECHS: Bull Cycle
- RES 4: $37.478 - High Mar 2012
- RES 3: $37.195 - 2.236 proj of the May 15 - 22 high / low price swing
- RES 2: $36.987 - 1.000 proj of the Apr 7 - 25 - May 15 price swing
- RES 1: $36.886 - High Jun 9
- PRICE: $36.458 @ 08:08 BST Jun 17
- SUP 1: $34.982 - 20-day EMA
- SUP 2: $33.842/31.651 - 50-day EMA / Low May 15
- SUP 3: $30.915/28.351 - Low Apr 11 / 7 and the bear trigger
- SUP 4: $27.686 - Low Sep 6 ‘24
Silver is unchanged. A bull wave remains in play and recent strong gains plus last Monday’s extension, reinforce this condition. The metal has traded through a resistance at $34.903, the Oct 23 ‘24 high and a key bull trigger. The clear break of it marks an important medium-term bullish development. Sights are on $36.987 next, a Fibonacci projection. Initial support to watch lies at $34.982, the 20-day EMA.
USDCAD TECHS: Fresh Cycle Low
- RES 4: 1.4200 Round number resistance
- RES 3: 1.4111 High Apr 4
- RES 2: 1.3850/1.4016 50-day EMA / High May 12 and 13
- RES 1: 1.3717 20-day EMA
- PRICE: 1.3578 @ 08:05 BST Jun 17
- SUP 1: 1.3540/3521 Low Jun 16 / 1.0% 10-dma envelope
- SUP 2: 1.3503 1.618 proj of the Feb 3 - 14 - Mar 4 price swing
- SUP 3: 1.3473 Low Oct 2 2024
- SUP 4: 1.3410 1.764 proj of the Feb 3 - 14 - Mar 4 price swing
The trend needle in USDCAD continues to point south and fresh cycle lows last week and again on Monday, reinforce a bearish theme. Support at 1.3686, the May 26 low and a bear trigger, has been cleared, confirming a resumption of the downtrend. This maintains the price sequence of lower lows and lower highs. Sights are on 1.3521 next, envelope-based support. Resistance at the 20-day EMA is at 1.3732.
