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Forex Flash: Bank Indonesia cautious regarding GDP growth prospects – TD Securities

Bank Indonesia left the reference rate unchanged at 5.75%, as expected, and put more stress on inflation, saying that they will monitor the development of food prices, but also added some new cautious wording concerning the prospects for GDP growth.

“Although we warned that BI’s rhetoric is likely to gradually become more hawkish in the coming months, the overall tone of the statement remained fairly neutral”, wrote TD Securities analysts Cristian Maggio and Marcin Budkiewicz, pointing to BI's expectations of benign inflation. “This view is not new to BI, although they recognize upside risks stemming from the potential adjustment of administered prices”, they said, adding that GDP growth is predicted to fall near the lower limit of the 6.3-6.8% range, and support for growth continues to stem from strong consumer demand, although investment is moderating.

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This morning´s institutional research shows a hive of attention being understandably shown to today´s double bill of the ECB and the BoE policy decisions. While naturally the ECB is a key event, due to Sterling´s recent plunge, most attention has been put on the BoE, with reports suggesting that Chancellor Osborne may follow Japan´s lead an hand the bank a new mandate in an attempt to kick start the economy. Elsewhere, the final BoJ meeting of the old guard took place last night with nothing of note coming out.
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