ASEAN Macro Daily(Beta Mode)
Rupiah Hits Record Low as Regional Equities Slide
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| JCI | 6,723.32 | -1.98% |
| SET | 1,517.95 | -1.38% |
| KLCI | 1,740.22 | -0.31% |
| PSEi | 5,976.77 | -0.64% |
| STI | 4,989.08 | -0.14% |
| USD/IDR | 17,491.00 | -0.23% |
| USD/THB | 32.65 | +0.75% |
| USD/MYR | 3.95 | +0.46% |
| USD/PHP | 61.65 | +0.58% |
| USD/SGD | 1.28 | +0.28% |
| Brent Crude | 109.26 | +0.00% |
| Gold | 4,561.90 | +0.13% |
| Bitcoin | 77,999.99 | -0.17% |
| Indonesia 10Y Govt Yield | - | - |
| Thailand 10Y Govt Yield | - | - |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| No events available | |||
USD/IDR Exchange Rate | Type: market_hloc | IDR per USD: 1.749e+04 (2026-05-17) | Range: 1.675e+04–1.755e+04 | Trend(6pt): 1.683e+04,1.689e+04,1.694e+04,1.72e+04,1.753e+04,1.749e+04
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| GDP Growth Quarter-over-Quarter | 1.90 | 0.10 | 22:30 |
| GDP Growth Year-over-Year | 2.50 | 2.20 | 22:30 |
| Inflation Rate Month-over-Month | 0.30 | - | 00:00 |
| Inflation Rate Year-over-Year | 1.70 | - | 00:00 |
| Central Bank Interest Rate Decision | 4.75 | - | 03:30 |
- Rupiah weakens to 17,491 per USD with Indonesia tightening FX purchase rules after fresh record lows
- Thai GDP growth expected to slow sharply in Q1 data due tonight with consensus at 2.2% y/y
- ASEAN equities fall across the board led by JCI’s 1.98% drop while other currencies ease versus USD
Yesterday's Recap
Indonesian markets led regional declines as the rupiah came under renewed pressure and tested levels near 17,500 per USD. JCI closed 1.98% lower at 6,723.32 while SET fell 1.38% to 1,517.95 and KLCI slipped 0.31% to 1,740.22. PSEi and STI posted smaller losses of 0.64% and 0.14% respectively.
USD/IDR printed 17,491 after Indonesia tightened rules on foreign-exchange purchases to curb speculative flows. USD/THB rose 0.75% to 32.65 and USD/MYR gained 0.46% to 3.95, reflecting broad USD strength across ASEAN. News flow centered on Bank Indonesia’s market-stability tools and President Prabowo’s comments downplaying rural dollar usage.
Brent crude held steady at 109.26 while gold edged 0.13% higher to 4,561.90.
The Day Ahead
Thailand releases first-quarter GDP growth at 22:30 ET with consensus pointing to a sharp slowdown to 0.1% q/q and 2.2% y/y. Malaysia will publish April inflation figures on 19 May, following March readings of 0.3% m/m and 1.7% y/y. Indonesia’s central bank meets on 20 May for its policy-rate decision after the previous 4.75% setting.
Markets will scrutinize any signals on rupiah defense measures and reserve management. Regional investors also watch for follow-through on Thailand’s tourism recovery and Malaysia’s semiconductor export trends.
Other Economic Notes
Indonesia’s commodity exports continue to underpin a wide trade surplus even as currency volatility rises. Vietnam and Malaysia remain key beneficiaries of electronics supply-chain shifts from China, though April PMI readings showed some softening. Remittance inflows support the Philippines while Thailand benefits from a rebound in Chinese tourist arrivals.
Divergent growth profiles across the six economies underscore the need for tailored policy responses rather than uniform regional easing.
Global Macro News
US data softness and lingering tariff uncertainty weighed on emerging-market sentiment overnight. Stable Brent prices at 109.26 limited downside for energy exporters Indonesia and Malaysia. Gold’s modest gain to 4,561.90 reflected ongoing safe-haven demand amid geopolitical risks.
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