ASEAN Macro Daily(Beta Mode)
Indonesia GDP Beats Estimates, BI Governor Resigns
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| JCI | 6,409.65 | +1.04% |
| KLCI | 1,735.75 | -0.08% |
| STI | 5,698.43 | +1.05% |
| USD/IDR | 17,908.00 | -0.02% |
| USD/THB | 33.02 | -0.24% |
| USD/MYR | 4.09 | -0.02% |
| USD/PHP | 60.83 | +0.09% |
| USD/SGD | 1.28 | -0.41% |
| Brent Crude | 83.55 | +1.29% |
| Gold | 4,399.70 | +3.72% |
| Bitcoin | 65,220.78 | +0.49% |
| Indonesia 10Y Govt Yield | - | - |
| Thailand 10Y Govt Yield | - | - |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| No events available | |||
USD/IDR FX Rate 3M | Type: market_hloc | USD/IDR: 1.791e+04 (2026-08-09) | Range: 1.729e+04–1.819e+04 | Trend(5pt): 1.73e+04,1.782e+04,1.792e+04,1.798e+04,1.791e+04
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| No events available | |||
- Indonesia Q2 GDP rose 5.3% y/y, beating forecasts on household and government spending.
- JCI gained 1.04% while USD/IDR held near 17,908; regional equities mixed with STI up 1.05%.
- BI Governor Perry Warjiyo resigned, raising questions over policy continuity and rupiah defense.
Yesterday's Recap
Indonesia’s economy expanded 5.3% y/y in Q2, exceeding consensus estimates as government spending surged 15.97% and household consumption remained resilient. The print provided a buffer against external headwinds and supported the decision to market the country’s first Panda bonds in China’s domestic market. JCI closed 1.04% higher at 6,409.65 while the rupiah edged 0.02% stronger to 17,908 versus the dollar.
In Thailand, the Bank of Thailand flagged abnormal USDT flows and stepped up scrutiny of high-value stablecoin trades in the grey economy. Malaysia’s KLCI slipped 0.08% to 1,735.75 and the ringgit was little changed at 4.09. Singapore’s STI rose 1.05% to 5,698.43.
Brent crude climbed 1.29% to 83.55, offering modest support to commodity-linked ASEAN currencies. Gold rose 3.72% to 4,399.70, underscoring safe-haven demand.
The Day Ahead
The ASEAN calendar remains empty through 10 August, leaving markets to digest Indonesia’s Q2 GDP and the BI leadership change. Focus will stay on follow-through flows into Panda bonds and any official comments on the rupiah. Thailand’s stablecoin probe may generate further regulatory headlines, while Singapore’s reserve returns could influence MAS policy signals.
Regional equity and FX desks will monitor USD direction and Brent for cues on external balances. Absent fresh data, positioning is expected to remain light ahead of the weekend. USD/IDR near 17,908 and USD/THB at 33.02 will dictate near-term sentiment across the region.
Other Economic Notes
Indonesia’s successful Panda bond launch diversifies funding sources away from traditional dollar markets and reduces refinancing risk. Commodity price strength, especially in nickel and palm oil, continues to underpin Indonesia’s external accounts despite softer global growth. Thailand’s tourism recovery and Malaysia’s steady 4-5% growth outlook provide regional offsets to weaker electronics demand elsewhere.
Supply-chain shifts toward Vietnam remain intact, with FDI inflows supporting manufacturing exports across ASEAN. USD/SGD at 1.28 and USD/MYR at 4.09 reflect contained regional currency pressure.
