USD/IDR hits six-week highs as Indonesia's CPI misses estimates with 3.00%

Dhwani Mehta FXStreet

Indonesia’s annual inflation rate decelerated further in November, according to the latest data published by Statistics Indonesia on Monday.

Indonesian November’s annual inflation rate dropped to 3.00% on the year, compared with October’s 3.13% and 3.06% expectations but remained between the Bank Indonesia’s (BI) 2.5-4.5% target range. The annualized core figure arrived at 3.08% vs. 3.20% previous and 3.14% expected.

Meanwhile, the monthly inflation reading for November came in at +0.14% vs. +0.2% expected and +0.02% last.

The USD/IDR cross hits fresh six-week highs at 14,125 on the data release, up 0.18% on the day. The Indonesian Rupiah extends losses after the country’s inflation gauge missed estimates across the time horizon.

About Indonesia’s CPI

The Inflation index released by the Statistics Indonesia is a measure of price movements by the comparison between the retail prices of a representative shopping basket of goods and services. The purchase power of Indonesian Rupiah is dragged down by inflation. The CPI is used as a key indicator to measure inflation and changes in purchasing trends. Generally speaking, a high reading is seen as positive (or bullish) for the Rupiah, while a low reading is seen as negative (or Bearish).

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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