Global Foreign Exchange Overview 17 11 2011

Around the globe:
• EUR wallowed at 5-week lows versus USD and JPYin Asia on Thursday as bond market turmoil spread across Europe, sparking calls for the European Central Bank to intervene more forcefully in markets. Investors were also nervously watching to see how German financial markets will react after Moody's cut the ratings of 12 German public-sector banks, believing they are likely to receive less federal government support if needed.
• EUR stood at $1.3441, versus $1.3492 late in New York, and was not far off Wednesday's trough around $1.3430 -- a low not seen since Oct. 10. Support is seen at $1.3399, a level representing the 76.4 percent retracement of the October rally, ahead of $1.3375, the 78.6 percent retracement.
• As usual, commodity currencies bore the brunt of the dip in risk appetite with AUD shedding another cent to reach a 5-week low at $1.0050, from Wednesday's high of $1.0185.
• Among the G3 currencies, USD/JPY remained a sea of calm as the danger of more intervention by Japan kept markets wary. USDstood at 77.05 JPY, having carved out a slim trading range roughly between 76.80 and 77.20 since the Oct. 31 intervention.
• There is no major Asian economic data on Thursday, leaving the focus firmly fixed on developments in Europe.

Inside the country:
• USDIDR was under pressure in the afternoon session to touch a high of 9050 before coming off toward the later days due to BI intervention.
• BI was seen selling a total of USD 150 million into the spot and forward market.
• Closing IDR is at 8988/8999.
• IHSG was flat-lined.
• Spot will likely trade 8975-9050 range intraday.

Indicative currency as of this morning 08:00 WIB:
USD/IDR  : 8995/9050
AUD/IDR  : 9040/9100
SGD/IDR  : 6920/6970
EUR/IDR  : 12090/12175
JPY/IDR  : 116.75/117.55
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