ASEAN Macro Daily(Beta Mode)
BI Hawkish on Rupiah Volatility
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| JCI | 7,129.49 | -3.38% |
| SET | 1,456.10 | -0.36% |
| KLCI | 1,720.34 | -0.08% |
| PSEi | 5,943.49 | -0.67% |
| STI | 4,922.86 | -0.43% |
| USD/IDR | 17,273.00 | -0.32% |
| USD/THB | 32.31 | -0.52% |
| USD/MYR | 3.96 | +0.03% |
| USD/PHP | 60.69 | +0.40% |
| USD/SGD | 1.28 | -0.14% |
| Brent Crude | 99.13 | -5.65% |
| Gold | 4,740.90 | +0.76% |
| Bitcoin | 78,519.67 | +1.17% |
| Indonesia 10Y Govt Yield | - | - |
| Thailand 10Y Govt Yield | - | - |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| No events available | |||
Indonesia JCI Equity Index | Type: market_hloc | JCI Index: 7129 (2026-04-24) | Range: 6971–8980 | Trend(5pt): 8975,8212,7337,6989,7129
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| Central Bank Interest Rate Decision | 1 | 1 | 03:00 |
- Rupiah stabilizes slightly as Bank Indonesia pledges intensified interventions amid global pressures and Fitch downgrades.
- ASEAN equities mostly fall, led by Indonesia's JCI; Thailand exports reach record high for 21st straight month.
- Oil prices drop sharply, weighing on commodity economies, while central banks eye inflation and FX risks.
Yesterday's Recap
ASEAN markets closed lower on April 25, with Indonesia's JCI plunging 3.38% to 7,129.49 amid rupiah volatility and Fitch's downgrade of four local banks, reflecting heightened FX risks in the region's largest economy. Thailand's SET edged down 0.36% to 1,456.10, despite positive export data showing a 21st consecutive month of growth, reaching a record $35.16 billion in March, up 18.7% year-on-year, driven by surges to the US. Malaysia's KLCI slipped 0.08% to 1,720.34, weighed by palm oil weakness, while the Philippines' PSEi fell 0.67% to 5,943.49 on remittance inflows but broader USD strength.
Singapore's STI declined 0.43% to 4,922.86 as a financial hub sensitive to global rate expectations. Currencies showed mixed moves: USD/IDR eased 0.32% to 17,273.00 after hitting record lows, signaling some BI support; USD/THB dropped 0.52% to 32.31 on export strength; USD/MYR rose 0.03% to 3.96; USD/PHP increased 0.40% to 60.69; USD/SGD fell 0.14% to 1.28. No major data releases occurred, but news highlighted Indonesia's de-dollarization push and Thailand's tourism rebound aiding economic recovery.
Vietnam was quiet, with ongoing manufacturing shifts from China supporting long-term growth.
The Day Ahead
Attention turns to Thailand's Bank of Thailand interest rate decision on April 29, with consensus expecting the rate to hold at 1%, amid sustained export growth and controlled inflation. Markets will watch for any signals on FX intervention, given USD/THB's recent appreciation. No immediate releases from other ASEAN economies, but Indonesia may see continued rupiah monitoring after BI's hawkish comments.
Singapore's MAS could provide updates on NEER bands if global volatility persists. Broader events include potential Malaysian policy announcements on fuel subsidies, influencing regional energy dynamics. Vietnam's trade data previews might emerge, highlighting electronics exports amid US-China tensions.
Other Economic Notes
Broader ASEAN themes include supply chain diversification, with Vietnam and Malaysia attracting FDI in semiconductors and electronics, bolstering resilience against US-China decoupling. Commodity volatility affects Indonesia and Malaysia, where rupiah weakness and palm oil prices underscore external vulnerabilities, though domestic reforms like de-dollarization aim to enhance stability. (cont...)
