External broker reports(aggregated public sources), Scotiabank

Scotiabank

External broker reports(aggregated public sources)

Scotiabank’s global foreign exchange strategy team provides in-depth regional insights and macro-economic analysis for G10 and advanced economies, Asia Pacific, and Latin America. Find technical and fundamental strategy reports focused on trade ideas, market risks, and the unfolding macro outlook. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

FX & Rates

<ul><li>The DXY has spent the past four weeks pivoting around the 98 level in flat, rather directionless trade.</li><li>It’s a little early to call this a “quiet comeback”, as one Bloomberg article this week suggested, and we rather continue to think that broader risks for the USD are squarely tilted to the downside over the medium– to longer-term.</li><li>Admittedly, there are some indicators suggesting that the USD consolidation may extend.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The DXY has spent the past four weeks pivoting around the 98 level in flat, rather directionless trade.It’s a little early to call this a “quiet comeback”, as one Bloomberg article this week suggested, and we rather continue to think that broader risks for the USD are squarely tilted to the downside over the medium– to longer-term.Admittedly, there are some indicators suggesting that the USD consolidation may extend.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

FX Snapshot - DXY—Quiet Comeback of Just Resting?

External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

Macroeconomics

<ul><li>Rising yields and weaker IDR renew rate-hike concerns, yet FX trends, liquidity conditions, and BI policy suggest low probability.</li><li>Recent SRBI yield moves reflect liquidity calibration, not tightening, keeping rate hikes unlikely while delaying potential rate cuts.</li><li>BI calibrates SRBI awards to balance liquidity and credit as limited FX intervention and seasonal USD demand pressure.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Rising yields and weaker IDR renew rate-hike concerns, yet FX trends, liquidity conditions, and BI policy suggest low probability.Recent SRBI yield moves reflect liquidity calibration, not tightening, keeping rate hikes unlikely while delaying potential rate cuts.BI calibrates SRBI awards to balance liquidity and credit as limited FX intervention and seasonal USD demand pressure.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Thematic (Sector/Industry)

<ul><li>IDR remains weak despite foreign inflows, driven by fiscal concerns, DXY rebound, and limited BI excess rupiah liquidity absorption.</li><li>Fed signals January rate hold as growth remains solid, labor cools, and easing potential points to later 2026.</li><li>US tariff uncertainty persists, but Indonesia remains largely insulated; adverse rulings may pressure USD , potentially easing pressure on IDR.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

IDR remains weak despite foreign inflows, driven by fiscal concerns, DXY rebound, and limited BI excess rupiah liquidity absorption.Fed signals January rate hold as growth remains solid, labor cools, and easing potential points to later 2026.US tariff uncertainty persists, but Indonesia remains largely insulated; adverse rulings may pressure USD , potentially easing pressure on IDR.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BRIDS Weekly Update Economic & Fixed Income Research Monday, Jan 19, 2026

<ul><li>Protests over legislative benefits spread across Indonesian cities, sparking unrest and economic risks. Govt pledged reforms.</li><li>With taxes set to dominate 2026 revenue, broadening the base, improving compliance, and ensuring inclusive spending are primary.</li><li>The market impact hinges on how long unrest persists. The JCI down over 2% intraday, IDR depreciated nearly 1%, while yield remain stable.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Protests over legislative benefits spread across Indonesian cities, sparking unrest and economic risks. Govt pledged reforms.With taxes set to dominate 2026 revenue, broadening the base, improving compliance, and ensuring inclusive spending are primary.The market impact hinges on how long unrest persists. The JCI down over 2% intraday, IDR depreciated nearly 1%, while yield remain stable.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

United States

The U.S. Dollar Index(USDX) indicates the general int'l value of the USD. The USDX does this by averaging the exchange rates between the USD and major world currencies. The ICE US computes this by using the rates supplied by some 500 banks. FOR REAL TIME SEE EIS ICEA<GO>.

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Dollar Index (DXY CURNCY)

FX Snapshot - DXY—Quiet Comeback of Just Resting?

The DXY has spent the past four weeks pivoting around the 98 level in flat, rather directionless trade. It’s a little early to call this a “quiet...

Scotiabank

Macro Strategy: Interpreting the Signals

Rising yields and weaker IDR renew rate-hike concerns, yet FX trends, liquidity conditions, and BI policy suggest low probability.

BRI Danareksa Research

BRIDS Weekly Update Economic & Fixed Income Research Monday, Jan 19, 2026

IDR remains weak despite foreign inflows, driven by fiscal concerns, DXY rebound, and limited BI excess rupiah liquidity absorption.

BRI Danareksa Research

Macro Strategy: The Currency Conundrum

IDR remains weak despite foreign inflows, driven by fiscal concerns, DXY rebound, and limited BI excess rupiah liquidity absorption.

BRI Danareksa Research

Macro Strategy: Restoring Stability

Protests over legislative benefits spread across Indonesian cities, sparking unrest and economic risks. Govt pledged reforms.

BRI Danareksa Research

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