ASEAN Macro Daily(Beta Mode)
Rupiah Firms as BI Prioritizes Stability
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| JCI | 6,525.69 | +0.37% |
| KLCI | 1,736.48 | -0.01% |
| STI | 5,688.96 | +0.30% |
| USD/IDR | 17,698.00 | -0.32% |
| USD/THB | 32.70 | -0.31% |
| USD/MYR | 4.04 | -0.06% |
| USD/PHP | 61.68 | -0.01% |
| USD/SGD | 1.27 | -0.09% |
| Brent Crude | 91.99 | -2.54% |
| Gold | 4,710.00 | +1.86% |
| Bitcoin | 78,949.22 | +1.54% |
| 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 | Rate: 1.77e+04 (2026-08-24) | Range: 1.769e+04–1.819e+04 | Trend(6pt): 1.769e+04,1.772e+04,1.798e+04,1.808e+04,1.776e+04,1.77e+04
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| Central Bank Interest Rate Decision | 1 | 1 | 03:00 |
| Central Bank Interest Rate Decision | 4.75 | 5 | 02:30 |
- Indonesia's rupiah advances despite record current account deficit, supported by BI focus on currency stability.
- Bank of Thailand expected to maintain policy pause amid resilient banking sector.
- Regional equities mixed with JCI gaining 0.37% while KLCI edges lower.
Yesterday's Recap
Markets in ASEAN showed modest gains in key indices amid focus on Indonesian currency developments. Indonesia's JCI rose 0.37% to 6,525.69 as foreign inflows supported banking and commodity names. The rupiah strengthened with USD/IDR falling 0.32% to 17,698, reflecting gains despite a record current account deficit.
Thailand's baht also firmed slightly with USD/THB down 0.31% to 32.70, as markets priced in an extended policy pause from the Bank of Thailand. Singapore's STI advanced 0.30% to 5,688.96, while Malaysia's KLCI remained nearly unchanged at 1,736.48. Analysts note Bank Indonesia may raise rates further to anchor the rupiah, according to UOB views.
Broader commodity moves saw Brent crude decline 2.54% to 91.99 while gold rose 1.86% to 4,710. Bitcoin advanced 1.54% to 78,949.22. Indonesia bonds drew the highest inflows since 2019 on rupiah gains.
Thailand's Q2 GDP growth printed at 1.9%, the weakest showing among leading Southeast Asian economies, while its banking system stayed resilient. Malaysia's ringgit drew support from strong fundamentals per OCBC. Supply-chain shifts continued favoring Vietnam and Malaysia in electronics.
The Day Ahead
Attention turns to upcoming central bank decisions in Thailand and the Philippines. The Bank of Thailand is scheduled to announce its policy rate on August 26, with consensus pointing to a hold at 1%. Markets expect the committee to maintain its cautious stance given resilient Q2 banking metrics.
The Bangko Sentral ng Pilipinas follows on August 27, where forecasts suggest a possible hike to 5% from 4.75%. No major data releases are slated for today across the region. Investors will monitor any signals on capital flow management from both institutions.
Thailand plans to resume direct flights to New Zealand and triple trade to deepen ties, while accelerating its shift from fossil fuels to clean energy. A central data-centre authority is under discussion to support FDI and job creation.
Other Economic Notes
Indonesia bonds attracted the highest inflows since 2019 on the back of rupiah appreciation. Thailand's economy faces challenges with Q2 GDP growth at 1.9%, the weakest in Southeast Asia, prompting focus on FDI and tourism recovery. <i>↓ p.2</i>
