Global Market

· Rates and FX weekly recap: EM assets benefit from softer USD

· EM bonds: currencies continue to appreciate; yields ease slightly

· Global central bank recap: no central bank rate hike

Domestic Market

· Conventional Bond Auction Result (12-Aug): Demand Hits All-Time High

· Onshore banks maintained their dominance in the primary market

· SRBI rates drop further ahead of BI meeting

· Foreign inflows back-to-back: two straight weeks, YTD highs across rupiah assets

· Trading volume in the secondary market was stable, with the 5-yr FR104 as the most attractive series

Week Ahead Calendar (18 – 22 Aug):

Global attention turns to central banks and growth signals, with the Fed’s Jackson Hole Symposium (22-Aug) and FOMC minutes (21-Aug) in focus for policy clues, alongside Powell’s speech and remarks from dissenting members. US housing data and the flash PMIs across major economies will test growth momentum, while the UK’s and Canada’s inflation figures, plus Japan’s CPI, will provide updates on price trends. Policy decisions are due from the PBoC (expected steady at 3% for the 1-yr loan prime rate on 20-Aug), the Riksbank (expected hold at 2.0% on 20-Aug), the RBNZ (expected 25 bps cut to 3.0% on 20-Aug), and Bank Indonesia (expected hold at 5.25% on 20-Aug).