ASEAN Macro Daily(Beta Mode)
Rupiah Hits Record Low on S&P Outlook
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| JCI | 7,634.00 | +0.17% |
| SET | 1,482.45 | -0.49% |
| KLCI | 1,695.21 | +0.33% |
| PSEi | 5,999.13 | -1.06% |
| STI | 4,997.93 | -0.20% |
| USD/IDR | 17,184.00 | +0.36% |
| USD/THB | 31.89 | -0.47% |
| USD/MYR | 3.95 | -0.04% |
| USD/PHP | 59.55 | -0.83% |
| USD/SGD | 1.27 | +0.02% |
| Brent Crude | 90.38 | -9.07% |
| Gold | 4,879.60 | +1.97% |
| Bitcoin | 74,224.83 | -1.98% |
| Indonesia 10Y Govt Yield | - | - |
| Thailand 10Y Govt Yield | - | - |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| No events available | |||
Brent Crude Oil Price | Type: macro_line | Brent Oil Price USD: 123.3 (2026-04-13) | Range: 59.93–138.2 | Trend(6pt): 65.34,112.3,94.33,79.76,119,123.3
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| Central Bank Interest Rate Decision | 4.75 | - | 03:30 |
| Central Bank Interest Rate Decision | 4.25 | - | 02:30 |
- Indonesian rupiah weakened to a historic low against USD amid S&P's negative outlook and Middle East tensions, pressuring BI to defend currency.
- ASEAN equities mixed: Indonesia's JCI up 0.17% on commodity support, while Philippines' PSEi down 1.06% on inflation fears.
- Global resilience noted by BI governor per IMF, but oil price volatility weighs on regional energy importers like Malaysia.
Yesterday's Recap
ASEAN markets showed mixed performance amid rupiah volatility and global risk-off sentiment, with Indonesia dominating headlines as its currency hit a record low of 17,184 against the USD, up 0.36% on the day, driven by S&P's negative outlook on bonds and Middle East fears intensifying capital outflows. Indonesia's JCI index rose modestly by 0.17% to 7,634.00, supported by commodity rebounds despite the FX pressure, while manufacturing PMI held in expansion at 52.03% as reported by Bank Indonesia, signaling resilient industrial activity. Thailand's SET index fell 0.49% to 1,482.45, weighed down by tourism recovery concerns, though e-commerce growth emerged as a bright spot for the economy.
Malaysia's KLCI gained 0.33% to 1,695.21, buoyed by low inflation helping to weather energy supply shocks, with BNM highlighting strength amid higher oil prices. Philippines' PSEi dropped 1.06% to 5,999.13, reflecting inflation worries, while Singapore's STI edged down 0.20% to 4,997.93 as businesses monitored Indonesia's demand impact from rupiah weakness. Vietnam saw no major data releases, but regional trade dynamics, including semiconductor exports, remained supportive.
The Day Ahead
Investors eye Bank Indonesia's interest rate decision on April 22, with the previous rate at 4.75% and no consensus forecast, amid pressure to hike for rupiah defense following its record low. The Bangko Sentral ng Pilipinas rate decision follows on April 23, holding at 4.25% previously, as inflation dynamics and remittance flows influence policy. No immediate data releases today, but broader ASEAN focus shifts to potential FX interventions, especially in Indonesia where BI has been aggressive.
Singapore's MAS may adjust exchange rate bands if global volatility persists, though no meeting is scheduled. Thailand and Malaysia could see verbal guidance from BoT and BNM on oil price impacts. Vietnam's SBV remains watchful on manufacturing growth without upcoming events.
Other Economic Notes
Broader ASEAN themes highlight Indonesia's economy intertwined with corporate performance like Danantara's, as per S&P, with potential in AI and energy if governance improves. Thailand positions as Southeast Asia's e-commerce growth engine amid regional consolidation, while also banking on EU trade deals to navigate changing international landscapes. (cont...)
