ASEAN Macro Daily(Beta Mode)
BoT Holds, Rupiah Weakens
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| JCI | 7,101.23 | +0.41% |
| SET | 1,491.74 | +0.78% |
| KLCI | 1,720.42 | -0.53% |
| PSEi | 5,907.89 | +0.70% |
| STI | 4,860.97 | -0.55% |
| USD/IDR | 17,373.00 | +0.75% |
| USD/THB | 32.47 | -0.06% |
| USD/MYR | 3.97 | +0.43% |
| USD/PHP | 61.24 | +0.27% |
| USD/SGD | 1.27 | -0.27% |
| Brent Crude | 111.23 | -5.76% |
| Gold | 4,636.00 | +2.00% |
| Bitcoin | 76,298.00 | +0.69% |
| Indonesia 10Y Govt Yield | - | - |
| Thailand 10Y Govt Yield | - | - |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| Central Bank Interest Rate Decision | 1 | 1 | 1 |
Brent Crude Oil Prices | Type: macro_line | USD per Barrel: 113.9 (2026-04-27) | Range: 59.93–138.2 | Trend(5pt): 68.91,111.5,90.73,78.01,113.9
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| No events available | |||
- Thailand's BoT held its key rate at 1%, citing oil price shocks and slower growth amid Mideast tensions.
- Indonesia's rupiah hit record lows near 17,500/USD, pressuring BI to delay rate cuts despite dimming outlook.
- ASEAN equities mixed, with Thai stocks gaining post-rate decision while Malaysian and Singaporean indices dipped.
Yesterday's Recap
Thailand's central bank (BoT) held its benchmark interest rate at 1% as expected, forecasting slower 2026 growth at 1.5% and 2027 at 2.0% alongside higher inflation due to elevated oil prices from Mideast conflicts. Indonesia dominated FX news with the rupiah weakening sharply to 17,373/USD, up 0.75% on the day, amid US dollar strength and debt strains, prompting speculation of BI interventions. Thai equities (SET) rose 0.78% to 1,491.74, supported by the rate hold and tourism recovery hopes, while Indonesia's JCI gained 0.41% to 7,101.23 on commodity resilience.
Malaysia's KLCI fell 0.53% to 1,720.42, weighed by energy sector jitters from oil price drops, and Singapore's STI dipped 0.55% to 4,860.97 amid tech weakness. Philippine PSEi advanced 0.70% to 5,907.89, buoyed by remittance inflows, though broader ASEAN currencies softened against the USD. Vietnam was quieter, with no major data releases, but its manufacturing edge supported steady FDI amid global supply shifts.
The Day Ahead
The ASEAN calendar remains light today with no major data releases or events across the six economies, allowing markets to digest yesterday's BoT decision and rupiah volatility. Attention may shift to global cues, including the upcoming FOMC meeting mentioned in Indonesian FX reports, which could influence regional currency pressures. Tomorrow also lacks scheduled releases, potentially keeping focus on commodity movements like Brent crude, which dropped 5.76% to 111.23 yesterday amid supply glut fears.
Investors should monitor any ad-hoc announcements from BI on rupiah defense or BNM on reserves, given recent updates. Broader sentiment could be swayed by Mideast developments impacting oil and inflation outlooks.
Other Economic Notes
ASEAN economies face divergent pressures from commodity volatility, with Indonesia benefiting from nickel and coal exports while Thailand grapples with tourism slumps tied to higher oil costs. Supply chain shifts continue to favor Vietnam as a manufacturing hub, with semiconductor exports rising amid US-China tensions, contrasting Malaysia's electronics slowdown. Remittance-dependent Philippines eyes inflation risks, potentially hitting three-year highs, while Singapore's financial sector navigates global rate uncertainties.
