ASEAN Macro Daily(Beta Mode)
Bank Indonesia Holds Rate at 5.75%
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| JCI | 6,340.02 | +1.74% |
| SET | 1,639.04 | +0.23% |
| KLCI | 1,720.37 | -0.11% |
| PSEi | 6,404.11 | +1.25% |
| STI | 5,526.72 | +0.51% |
| USD/IDR | 17,905.00 | -0.15% |
| USD/THB | 33.75 | +0.36% |
| USD/MYR | 4.08 | -0.14% |
| USD/PHP | 61.71 | +0.22% |
| USD/SGD | 1.29 | -0.00% |
| Brent Crude | 95.75 | +5.21% |
| Gold | 4,124.80 | +1.32% |
| Bitcoin | 65,910.45 | -0.89% |
| Indonesia 10Y Govt Yield | - | - |
| Thailand 10Y Govt Yield | - | - |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| Central Bank Interest Rate Decision | 5.75 | 6 | 5.75 |
USD/IDR 3M | Type: market_hloc | Rate: 1.79e+04 (2026-07-22) | Range: 1.713e+04–1.819e+04 | Trend(6pt): 1.713e+04,1.75e+04,1.796e+04,1.783e+04,1.793e+04,1.79e+04
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| No events available | |||
- Bank Indonesia kept its benchmark rate at 5.75%, defying expectations for a hike amid rupiah pressure.
- Regional equities rose, led by Indonesia’s JCI (+1.74%) and Philippines’ PSEi (+1.25%), while the Thai baht weakened further.
- USD/IDR eased 0.15% to 17,905 as capital outflows showed signs of moderation post-decision.
Yesterday's Recap
Bank Indonesia left its policy rate unchanged at 5.75% despite market pricing for a 25 bp hike to support the rupiah. The decision followed a narrow miss on consensus expectations of 6.00%. Indonesia’s JCI climbed 1.74% to 6,340.02 on relief buying in banks and commodity names.
USD/IDR fell 0.15% to 17,905, narrowing earlier losses. Thailand’s SET index edged 0.23% higher while the baht weakened 0.36% to 33.75 against the dollar, hitting fresh multi-month lows. Malaysia’s KLCI slipped 0.11% and the ringgit firmed modestly to 4.08.
Singapore’s STI rose 0.51% with USD/SGD little changed at 1.29. Philippines’ PSEi gained 1.25% to 6,404.11 as regional risk appetite improved. News flow highlighted Bank Indonesia’s unanimous hold after contained inflation readings and moderating outflows, while Thai banks reported 101 billion baht in first-half profits amid looming headwinds from slower tourism.
The Day Ahead
No major ASEAN data releases are scheduled for today or tomorrow. Markets will monitor any follow-up comments from Bank Indonesia officials on rupiah stability. Thailand’s ongoing baht weakness may prompt further Bank of Thailand verbal intervention.
Malaysia’s second-quarter GDP beat and steady BNM stance will remain in focus for ringgit flows. Singapore’s MAS will continue to manage the SGD NEER band amid quiet trading. Vietnam’s banking sector growth and FDI momentum offer a positive backdrop for regional sentiment.
Traders also eye potential Bank of Thailand measures on over-the-counter gold trades and Thailand’s plans for a Japanese-style savings scheme to address rapid population aging.
Other Economic Notes
Indonesia’s first panda bond issuance signals diversification of funding sources away from traditional dollar markets. Malaysia’s Q2 GDP outperformance at 5.8% highlights resilience in oil and AI-related exports. Thailand’s entertainment and media sector is projected to expand 1.8% this year on digital trends, though tourism remains below 2019 levels.
Broader ASEAN capital flow management continues to balance foreign investor access with domestic stability goals. <i>↓ p.2</i>
