Another slow and sleepy mid-August day, enlivened only slightly by the US's strong housing starts/building permits numbers, and Indonesia's trade and current account improvements.
Of those, the improvement in Indonesia's external balances is the most important. Almost certainly, Indonesia's private sector is now generating a savings surplus, which is protecting Indonesia's bond markets and fx rate. Indonesia is extremely fortunate to have someone like Sri Mulyani Indrawait i/c the country's finances!
