- New orders for US manufactured durable goods unexpectedly sank -1.1% month-over-month in February 2021, compared to market forecasts (+0.8%). It is the first decline in durable goods orders in ten months. (Trading Economics)
- The IHS Markit US Composite PMI was recorded at 59.1 in March 2021, down slightly from February (59.5), signaling the second-fastest private sector upturn for six years, a preliminary estimate showed. (Trading Economics)
- Finance Minister Sri Mulyani is optimistic that Indonesia is well-prepared to survive in the midst of taper tantrum, since the portion of foreign ownership in Indonesian debt securities is currently below 30%, lower than its record during the taper tantrum eight years ago. (Kontan)
- In addition, Sri Mulyani said that the Indonesian fiscal authority is currently finalizing the regulation to expand luxury tax (PPnBM) incentives to cars with engine cubication between 1,500-2,500 cc. The policy is planned to be released in early April 2021. (Kontan)
- Ministry of Social Affairs (Kemensos) has begun disbursing the second COVID-19 Cash Social Assistance (BST). The amount of assistance to be distributed is IDR 300,000, which will be distributed to 10 million families in Indonesia through PT Pos Indonesia (Kontan)
Rupiah to weaken amid recovery in world oil prices. UST yields are expected to weaken after Powell-Yellen meeting at U.S. House Committee on Financial Services. The US economic data released last night were not that good. IHS Markit US Composite PMI for March, which was lower than consensus, and contraction in the data of new orders for US manufactured durable goods are is likely to put pressure on the US dollar index. However, it may not be enough halt the downward movement of rupiah, after the price of Brent oil rose by +4% last night amid problems with the distribution of goods on the Suez Canal. The JISDOR exchange rate is expected to weaken to the level of IDR 14,500 / USD.