Indonesian Consumer Confidence improves to 124.2 in Nov, Rupiah hits five-day highs

Dhwani Mehta FXStreet

The latest survey conducted by Bank Indonesia (BI), the Indonesian central bank, showed that the country’s Consumer Confidence Index improved to 124.2 in November when compared to 118.4 booked in October.

The USD/IDR pair extends its three-day losing streak, as the Indonesian rupiah hits five-day highs on a solid improvement in the country’s consumer morale last month. At the press time, USD/INR flirts with multi-day lows of 14,085, down -0.11% on the day.

The Asian currency is seen deriving support from the revival of hopes on a US-China trade deal following a Bloomberg report that cited some sources, as saying that US-China are moving closer to a trade deal despite heated rhetoric.

USD/IDR Technical Analysis: Sellers look for entry below monthly trendline, 50-DMA

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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