Published at 04:12 (GMT) 29 Jul
BBG: Indonesia's consumer confidence faced an "extreme deterioration" in the first half, falling the most in Asia as the outlook for the economy and stock market worsen, according to a MasterCard Inc. survey. The 25.8-point slide from the second half last year to 64.3 on the MasterCard index was the steepest among 17 markets in the region, the credit card company said. While expectations were perhaps unrealistically high, Indonesians and foreign investors have been disappointed with the slow pace of change following President Widodo's election victory last year. Weak government spending has contributed to an economic slowdown, as a stifling bureaucracy and conflicting regulations remain impediments to doing business.
On FX, USD/IDR opened lower below 13450 levels today following yesterday's close at 13465 on a broad USD move. The pair consolidated between 13440 - 13455 in early trading. We expect prices to regain upward momentum following the Fed announcement. Upside should remain limited to 13500. JKSE opened stronger on Wall Street rallies and was last seen +0.89%. CC
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