Indonesian consumer confidence dips in June, Rupiah under pressure
|The latest survey conducted by Bank Indonesia (BI), the Indonesian central bank, showed that the country’s Consumer Confidence gauge fell to 126.4 in June when compared to 128.2 booked in May.
Meanwhile, the USD/IDR pair reversed a temporary drop to 4-day lows of 14,077 and jumped to 14,155 highs on Monday, as the US dollar firmed up following strong NFP report and the resultant spike in the US yields.
At the press time, the Indonesian Rupiah remains under pressure at 14,145 levels vs. its American peer, as markets weigh the latest dip in the country’s consumer morale.
From a technical perspective, the spot looks to trade in a narrow range, with the upside capped by the 4H 100MA, near-term descending trend-line while the bulls find some support near 14,080/75 region.
Levels to watch
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