Indonesia raised $190 million from the bond sale yesterday, short of the $450 million goal, according to Robert Pakpahan, director general at the debt management office.

At least four sales of three-year debt in Thailand have failed to raise the targeted amounts in July and August. The notes yesterday were sold at a yield of 3.53 percent, 39 basis points higher than similar-maturity sovereign bonds, Chularat Suteethorn, head of the Public Debt Management Office, said. The securities were issued on behalf of Bank for Agriculture & Agricultural Cooperatives, which is helping to support farmers by purchasing rice at above-market prices.

Eoin Treacy's view

During my morning click-through of global markets today both Indonesia and Thailand caught my attention. Both were early leaders in the post credit crisis environment. They bottomed in late 2008 while it took larger markets in Europe and North America, where the epicentre of risk resided, an additional six months to demonstrate a return to demand dominance.

A point we cover in The Chart Seminar is that leaders often tend to lead in both directions. As a result, the underperformance of the ASEAN region is a medium-term cause of concern. These markets demonstrated an acute sensitivity to the deluge of monetary stimulus introduced following the credit crisis and may also act as lead indicators for the wider market as these programs begin to be wound down.

The US Dollar has been trending higher against the Indonesia' rupiah since 2011 and while somewhat overextended relative to the trend mean at present, the medium-term uptrend remains intact. The Jakarta Composite Index encountered resistance from May and encountered resistance in the region of the 200-day MA from October. A sustained move back above 4550 would be required to question medium-term top formation completion characteristics.

The US Dollar posted an upside weekly key reversal at its May low against the Thai Baht. It has since returned to retest the THB 32 area and a clear downward dynamic would be required to question medium-term scope for additional upside. The SET Index has a similar pattern to the JCI above.