News, Rumors and Opinions Monday Morning 10-12-2020
TNT:
Weekend UPDATE for October 10-11, 2020
SUNDAY
The CBI governor and the Finance Minister had a meeting today and agreed to send the White Papers with the economic reforms to Parliament on Tuesday.
MONDAY
Even though today is a holiday, some bank exchange locations are being manned......just in case.......I guess?
Harambe: Bloomberg: New Indonesian Law Is Boosting Asiaβs Worst-Performing Currency (Rupiah)
The Indonesian rupiah has languished at the bottom of Asian currency rankings for most of the year but a recent overhaul of the nation's investment law may help revive its fortunes.
The rupiah rose about 1 per cent against the US dollar last week after Indonesia approved its first omnibus law aimed at cutting red tape to boost investments and create jobs. That's after a loss of 4.1 per cent in the quarter ended September amid concern over Bank Indonesia's independence, debt monetization and an economy poised for its first annual contraction since 1998.
"The passing of the omnibus labour law is good news for the rupiah as it's a long-term structural reform that will improve the growth prospects of the economy," said David Forrester, forex strategist at Credit Agricole CIB in Hong Kong. "We forecast USD/IDR to reach 14,500 by year end."
The rupiah, which traded at 14,700 against the dollar on Friday (Oct 9), has fallen 5.7 per cent so far this year as Asia's worst performer.
Even though the rupiah failed to breach resistance at its 200-day moving average, support near 15,000 has held in the second half of the year aided by a burgeoning trade surplus, and Bank Indonesia's support. Not only has the central bank intervened in the currency market, it has also left rates unchanged at its last two meetings.
Rupiah bulls will therefore be focusing on the central bank's policy decision on Tuesday, hoping that it continues to prioritize the currency's stability over growth by keeping rates at present levels. All of the nine economists in Bloomberg's survey forecast that BI will continue to be on hold.
Global risk sentiment still remains a risk for rupiah's appreciation given 27 per cent of the nation's bonds are held by foreign investors. The coronavirus spread is another concern as the nation reported the most number of cases last week since the start of the outbreak. And while investors have cheered the new investment law, workers have mounted protests on concerns it erodes their labour rights.
"The outlook for rupiah in the coming weeks will hinge on global risk sentiment given IDR is a high yielder in Asia," said Irene Cheung, FX strategist at ANZ Banking Group in Singapore. "On this front, the US election will be a key watch given the high uncertainty and news flows."
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Courtesy of Dinar Guru
Pimpy Article: "A new salary scale...an economist leaks out the terms of the 'white paper' " ...I know there's so many rumors going on...I don't want you guys to get too excited with good news. Don't get too bummed out for bad news. We already knew they were going to be talking about the exchange rate. We knew this already. So this article is just saying exactly what we already knew. There's nothing adding to it one way or the other...it is exciting. It's about damn time...hopefully the wait is just about over...
RVAlready The cabinet reviews the white paper on Tuesday, not parliament, from what I have read. The white paper is not a law. No reason for a vote by parliament. Again, parliament does not get a vote on the white paper. Their finance committee already has reviewed it. Parliament votes on laws and budgets. I do not think parliament is required for the RV...the CBI governor is reviewing the white paper, in preparation for implementation.
Robert David Steele On Donald Trump, Global Currency Reset and Military Tribunals
Robert David Steele: Premiered Oct 10, 2020
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Robert discusses a beautiful thread listing 15 presidential initiatives that could be implemented in October.
https://threadreaderapp.com/thread/13...
01 Global currency reset
02 Mass arrests of BLM/Antifa & their financial supporters
03 Insurrection Act
04 Military takeover of all MSM & Social Media enterprises
05 Public broadcast of evidence with live confessions
06 Internet blackout (15 minuters), takeover of ICANN, end hostile bots/sites
07 Suspension of Congress, military tribunals (both parties)
08 Announcement of recovery of stolen assets & redistribution to public
09 Many beautiful laws (introduced while old ugly laws cancelled)
10 Suspension of all income taxes
11 Free health care
12 Mass arrests of se_x traffickers and freeing of chi_ld sla_ves
13 Suspension of all student loans and defunding of hostile education
14 Suspension of COVI_D regulations (lockdowns, masks)
15 Trump reveals his relationship with Cue