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Tuesday, October 28, 2008

Indonesia Plans `Response Policy' to Boost Currency

Indonesia's President Susilo Bambang Yudhoyono said the government will announce a ``response policy'' tonight to stem a slide in the nation's currency.

The currency fell as much as 8.7 percent before recovering to trade down 0.9 percent at 11,050 against the dollar.

``We cannot always solve this through intervention,'' Yudhoyono told reporters in Jakarta today, referring to the central bank buying the local currency. ``If the decline is because of fundamental reasons, what we must solve is the fundamental reasons.''

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Economic Event Calendar

GMT+5:30 Event Vol. Actual Consensus Previous
Tuesday, Apr 08
15:30 NFIB Business Optimism Index 1 97.4 101.3 100.7
18:25 Redbook Index (YoY) 1 7.2% 4.8%
19:30 Ivey Purchasing Managers Index s.a 2 51.3 53.2 55.3
19:30 Ivey Purchasing Managers Index 2 55.6 53.6
21:30 BoE's Lombardelli speech 2
22:30 3-Year Note Auction 1 3.908%
23:30 Fed's Daly speech 2
Wednesday, Apr 09
02:00 API Weekly Crude Oil Stock 1 6.037M
07:30 RBNZ Interest Rate Decision 3 3.50% 3.75%
07:30 RBNZ Monetary Policy Statement 3
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