ASEAN Macro Daily(Beta Mode)
BI Holds Rates, Eyes Rupiah Stability
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| JCI | 7,559.38 | -0.46% |
| SET | 1,483.50 | +0.11% |
| KLCI | 1,715.33 | +0.77% |
| PSEi | 6,018.70 | +0.04% |
| STI | 5,014.96 | +0.22% |
| USD/IDR | 17,174.00 | +0.29% |
| USD/THB | 32.21 | +0.66% |
| USD/MYR | 3.95 | +0.13% |
| USD/PHP | 60.12 | +0.40% |
| USD/SGD | 1.28 | +0.41% |
| Brent Crude | 101.85 | +3.42% |
| Gold | 4,758.30 | +1.27% |
| Bitcoin | 78,795.43 | +3.20% |
| Indonesia 10Y Govt Yield | - | - |
| Thailand 10Y Govt Yield | - | - |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| Central Bank Interest Rate Decision | 4.75 | 4.75 | 4.75 |
SET Thailand Index | Type: market_hloc | SET: 1484 (2026-04-21) | Range: 1307–1534 | Trend(6pt): 1312,1412,1385,1410,1482,1484
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| Central Bank Interest Rate Decision | 4.25 | 4.25 | 22:30 |
| Thursday (2026-04-23) | |||
| Central Bank Interest Rate Decision | 4.25 | 4.25 | 22:30 |
- Bank Indonesia kept its benchmark rate at 4.75% to support rupiah stability amid Middle East tensions and delayed Fed pivots, with ASEAN equities showing mixed performances.
- Regional currencies weakened against the USD, driven by global risk-off sentiment and commodity volatility.
- News spotlighted Moody's upgrade of Thailand's outlook to stable and Malaysia's central bank rate cut, highlighting varied policy responses.
Yesterday's Recap
Bank Indonesia (BI) maintained its benchmark interest rate at 4.75% as anticipated, focusing on rupiah stability against external pressures from Middle East tensions and Fed policy delays, while allowing banks to trade non-deliverable forwards abroad. Indonesian equities lagged, with the JCI closing at 7,559.38 after a 0.46% drop, influenced by commodity fluctuations, as USD/IDR increased 0.29% to 17,174.00 on outflow worries. In Thailand, the SET rose 0.11% to 1,483.50, bolstered by Moody's outlook upgrade to stable, which underscored fiscal strength despite oil shocks leading to spending adjustments.
Malaysia's KLCI climbed 0.77% to 1,715.33, supported by export growth forecasts of 4.8% for 2026, alongside reports of Bank Negara Malaysia cutting rates for the first time in five years to boost growth. The Philippines' PSEi inched up 0.04% to 6,018.70, with USD/PHP rising 0.40% to 60.12. Singapore's STI advanced 0.22% to 5,014.96, while ASEAN currencies broadly depreciated, including USD/SGD up 0.41% to 1.28, amid cautious global sentiment.
The Day Ahead
Attention turns to the Bangko Sentral ng Pilipinas (BSP) interest rate decision at 22:30 ET, with consensus for a hold at 4.25% given ongoing inflation and growth challenges. No key data releases are slated for Indonesia or Thailand, shifting focus to potential currency interventions if USD strength persists. Malaysia could see market reactions to its recent rate cut, affecting yields and inflows.
Singapore and other ASEAN markets may feel impacts from global commodity movements, with Brent crude up 3.42% to 101.85 posing risks for energy importers. ASEAN trading is likely to remain guarded pending BSP guidance on regional policy paths.
Other Economic Notes
ASEAN economies display resilience through FDI amid supply chain realignments, with Vietnam gaining from electronics and semiconductor growth. Commodity exporters like Indonesia navigate volatility from Middle East uncertainties, while tourism-heavy Thailand and Malaysia adjust fiscal plans due to energy price shocks. Remittance-dependent Philippines faces growth hurdles, emphasizing reforms for competitiveness.
Broader themes include export boosts from China demand and efforts to mitigate imported inflation via policy tools.
