ASEAN Macro Daily(Beta Mode)
BI Hikes Rates to Defend Sliding Rupiah
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| JCI | 6,206.35 | +0.72% |
| SET | 1,550.33 | +0.76% |
| KLCI | 1,708.50 | -0.24% |
| PSEi | 6,009.38 | +0.80% |
| STI | 5,070.55 | +0.05% |
| USD/IDR | 17,784.00 | +0.52% |
| USD/THB | 32.66 | +0.40% |
| USD/MYR | 3.96 | -0.14% |
| USD/PHP | 61.54 | -0.06% |
| USD/SGD | 1.28 | +0.04% |
| Brent Crude | 96.39 | -6.91% |
| Gold | 4,507.90 | -0.29% |
| Bitcoin | 75,683.68 | -2.07% |
| Indonesia 10Y Govt Yield | - | - |
| Thailand 10Y Govt Yield | - | - |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| No events available | |||
Indonesia Trade Balance | Type: macro_line | USD mn: -6.031e+04 (2026-03-01) | Range: -1.359e+05–-3.11e+04 | Trend(6pt): -7.119e+04,-6.696e+04,-6.41e+04,-9.695e+04,-5.778e+04,-6.031e+04
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| Trade Balance | 3,320m | - | 00:00 |
| Inflation Rate Year-over-Year | 2.42 | - | 00:00 |
- BI raises policy rates to counter rupiah weakness past 17,700 amid external pressures.
- Regional equities post modest gains led by Indonesia and Philippines while Brent crude falls sharply.
- Indonesia set to release trade balance and inflation data on 2 June with focus on current-account resilience.
Yesterday's Recap
Indonesia dominated ASEAN moves as BI lifted rates to attract capital inflows and support the rupiah, which closed at 17,784 against the dollar after a 0.52% daily weakening. Equity markets recovered with the JCI rising 0.72% to 6,206.35 on commodity support while the SET gained 0.76% despite April car production falling 0.44% year-on-year to a five-year low. The KLCI eased 0.24% and the PSEi advanced 0.80% as the STI held flat.
Malaysia’s economy showed signs of slowing in the first quarter according to recent reports, while Thailand’s tourism recovery continued to underpin activity. No major data releases occurred across the region on 25 May.
The Day Ahead
Indonesia will publish its May trade balance and year-over-year inflation rate on 2 June, both carrying medium market impact. The trade print follows April’s USD 3.32 billion surplus driven by nickel and palm-oil exports. Inflation is expected to remain near the 2.42% April reading, keeping BI’s tightening bias in focus.
No other high-impact releases are scheduled for Malaysia, Thailand, Philippines, Singapore or Vietnam in the immediate session. Markets will monitor any follow-through comments from BI on capital-flow measures.
Other Economic Notes
Malaysia’s first-quarter growth slowdown raises downside risks to domestic demand and export-oriented manufacturing. Thailand’s auto sector contraction highlights persistent weakness in vehicle exports even as tourist arrivals improve. Vietnam continues to benefit from electronics FDI inflows linked to supply-chain shifts away from China.
Singapore’s role as the regional financial hub keeps MAS exchange-rate policy under scrutiny for any NEER band adjustments. Broader ASEAN capital-flow management remains sensitive to US dollar strength and commodity price swings.
Global Macro News
Brent crude dropped 6.91% to 96.39 on easing supply concerns after OPEC+ signals, reducing imported inflation pressures for net importers in ASEAN. Gold held near 4,507.90 with only a modest 0.29% decline, offering limited safe-haven support. Bitcoin fell 2.07% to 75,683.68, reflecting broader risk-off sentiment.
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