ASEAN Macro Daily(Beta Mode)
Rupiah Rises on FDI; Malaysia’s GDP Surges
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| JCI | 6,175.54 | +1.10% |
| SET | 1,639.04 | +0.23% |
| KLCI | 1,731.45 | +0.54% |
| PSEi | 6,404.11 | +1.25% |
| STI | 5,509.43 | -0.54% |
| USD/IDR | 17,939.00 | -0.26% |
| USD/THB | 33.57 | +0.12% |
| USD/MYR | 4.09 | +0.49% |
| USD/PHP | 61.60 | +0.12% |
| USD/SGD | 1.29 | +0.07% |
| Brent Crude | 88.10 | +4.59% |
| Gold | 4,018.80 | +0.83% |
| Bitcoin | 64,321.52 | -0.73% |
| Indonesia 10Y Govt Yield | - | - |
| Thailand 10Y Govt Yield | - | - |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| No events available | |||
USD/IDR Spot Rate | Type: market_hloc | Rate: 1.794e+04 (2026-07-19) | Range: 1.712e+04–1.819e+04 | Trend(6pt): 1.712e+04,1.736e+04,1.786e+04,1.792e+04,1.807e+04,1.794e+04
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| Central Bank Interest Rate Decision | 5.75 | - | 03:30 |
- Indonesia’s rupiah strengthened as Q2 FDI inflows rose, while BI monitored banking liquidity.
- Malaysia’s Q2 GDP expanded 5.8% on exports, prompting AmBank to lift its 2026 forecast.
- Regional equities advanced except STI; Brent crude jumped 4.59% amid supply concerns.
Yesterday's Recap
Indonesia dominated regional news flow. The rupiah gained 0.26% to 17,939 per dollar after Q2 FDI data showed continued inflows into nickel and palm-oil sectors. Bank Indonesia stated it is monitoring banking liquidity stability without signaling immediate policy shifts.
Equity markets posted broad gains, with JCI rising 1.10% to 6,175.54, PSEi climbing 1.25% to 6,404.11, and KLCI advancing 0.54% to 1,731.45. Malaysia’s Q2 GDP growth surprised at 5.8% year-on-year, driven by exports and leading AmBank to raise its 2026 GDP forecast to 4.8%. Thailand’s SET index edged 0.23% higher to 1,639.04 on reported capital inflows exceeding 1 billion baht.
Singapore’s STI fell 0.54% to 5,509.43 as regional positioning remained thin ahead of US data releases. USD/MYR rose 0.49% to 4.09 while other ASEAN currencies moved modestly. Brent crude settled at 88.10, up 4.59%, providing a direct tailwind for commodity-linked assets across Indonesia and Malaysia.
The Day Ahead
Indonesia’s central bank is scheduled to announce its policy rate decision on 22 July, with markets expecting a hold at 5.75%. No major data releases are listed for Malaysia, Thailand, Philippines, Singapore or Vietnam over the next two sessions. Investors will watch for any comments from BI on liquidity conditions and capital-flow management.
Regional bond auctions and industrial production figures remain on the near-term calendar but lack firm dates in current schedules. Focus stays on external drivers including Brent crude movements and any shifts in US-China supply-chain dynamics affecting Vietnam and Malaysia exports. Thailand’s reported equity inflows and tourism recovery continue to support sentiment, while Vietnam’s electronics export momentum offers additional regional support.
Other Economic Notes
Malaysia’s export-led expansion contrasts with softer signals elsewhere in ASEAN. Indonesia faces mixed domestic indicators, including warnings of slowing momentum despite FDI resilience. Vietnam continues shifting emphasis from quantity to quality of growth, per ADB assessments, amid sustained electronics shipments.
Thailand benefits from tourism recovery and equity inflows, supporting SET outperformance within the region. <i>↓ p.2</i>
