USD/IDR Price News: Rupiah fails to cheer upbeat Indonesia GDP near 15,200 ahead of US inflation


  • USD/IDR clings to mild gains around intraday high despite better-than-prior Q2 Indonesia GDP.
  • US Dollar rebounds ahead of inflation data amid hawkish Fed talks, mixed statistics at home.
  • Cautious optimism in Asia-Pacific zone joins sluggish markets to restrict Rupiah moves.

USD/IDR holds onto the previous day’s recovery moves as it sticks to mild gains near 15,185 amid early Monday morning in Europe. In doing so, the Indonesia Rupiah (IDR) pair fails to justify the upbeats results of Indonesia’s second quarter (Q2) Gross Domestic Product (GDP) figures. That said, the reason could be linked to the US Dollar’s upbeat performance ahead of the headlines inflation data.

Indonesia’s Q2 GDP rose to 3.86% QoQ and 5.17% YoY versus 3.72% and 4.93% respective market expectations. It’s worth noting that the growth numbers were -0.92% QoQ and 5.03% YoY in the first quarter (Q1) of 2023.

In contrast to the upbeat Indonesia growth numbers, escalating fears from typhoon Doksuri in China weigh on the IDR. With this, stocks in China and Hong Kong print mild losses even as Beijing hints at further stimulus to defend the economy.

On the other hand, the US Dollar Index snaps a two-day downtrend with mild gains around 102.16 backed by the weekend comments from Federal Reserve (Fed) Governor Michelle Bowman. “Fed should remain willing to raise the federal funds rate at a future meeting if the incoming data indicate that progress on inflation has stalled,” said Fed’s Bowman on Saturday.

Previously, the US Dollar dropped in the last two consecutive days amid mixed Fed talks and US data. On Friday, Atlanta Federal Reserve Bank President Raphael Bostic said to Bloomberg that the central bank is likely to keep monetary policy in a restrictive territory well into 2024. However, Chicago Fed President Austan Goolsbee stated that they should start thinking about how long to hold rates.

Meanwhile, the US employment report posted a softer-than-expected Nonfarm Payrolls (NFP) figure of 187K, versus 185K prior (revised) and 200K market forecasts, whereas the Unemployment Rate eased to 3.5% from 3.6% expected and previous readings. Further, the Average Hourly Earnings reprinted 0.4% MoM and 4.4% YoY numbers by defying the expectations of witnessing a slight reduction in wage growth.

Looking forward, Wednesday’s Indonesia Retail Sales for June may entertain the USD/IDR pair traders ahead of Thursday’s US Consumer Price Index (CPI) and Friday’s Producer Price Index (PPI) for July.

Technical analysis

USD/IDR justifies Friday’s bullish Doji candlestick to lure buyers amid the bullish MACD signals and upbeat RSI (14) line. However, a daily closing beyond the 200-DMA hurdle surrounding 15,185 becomes necessary for the Indian Rupiah (IDR) pair to aim for the previous weekly high of around 15,230.

Additional important levels

Overview
Today last price 15182
Today Daily Change 29.1000
Today Daily Change % 0.19%
Today daily open 15152.9
 
Trends
Daily SMA20 15062.4675
Daily SMA50 15008.855
Daily SMA100 14957.166
Daily SMA200 15186.192
 
Levels
Previous Daily High 15215.95
Previous Daily Low 15102.7
Previous Weekly High 15230
Previous Weekly Low 15062.95
Previous Monthly High 15916.7
Previous Monthly Low 13588
Daily Fibonacci 38.2% 15172.6885
Daily Fibonacci 61.8% 15145.9615
Daily Pivot Point S1 15098.4167
Daily Pivot Point S2 15043.9333
Daily Pivot Point S3 14985.1667
Daily Pivot Point R1 15211.6667
Daily Pivot Point R2 15270.4333
Daily Pivot Point R3 15324.9167

 

 

Share: Feed news

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended content

Editors’ Picks

Australian Dollar holds gains ahead of Michigan Consumer Sentiment Index

Australian Dollar holds gains ahead of Michigan Consumer Sentiment Index

The Australian Dollar recovers its losses as soft US inflation data raises expectations of Fed reducing rates. China's Trade Balance for June came in at $99.05 billion, widening from the previous figure of $82.62 billion. Fed’s Goolsbee stated that the US economy appears to be on track to achieve 2% target inflation.

AUD/USD News

EUR/USD: The door appears open to extra gains in the near term

EUR/USD: The door appears open to extra gains in the near term

Another auspicious week saw EUR/USD trade with decent gains and extend its positive streak for the third consecutive week, including a visit to the key 1.0900 region for the first time since early June.

EUR/USD News

Gold turns bullish as US data bolster case for Fed rate cut in September

Gold turns bullish as US data bolster case for Fed rate cut in September

Gold gathered bullish momentum and climbed above $2,400 on broad-based USD weakness. Investors expect the Fed to reduce the policy rate in September after soft inflation data. XAU/USD could target a new all-time high once $2,400 is confirmed as support.

Gold News

Shiba Inu erases losses from past week, eyes 18% gains

Shiba Inu erases losses from past week, eyes 18% gains

Shiba Inu traders are anticipating the roll-out of futures contracts, products like Exchange Traded Funds that could boost the asset’s utility. An IBC report shows the contract is expected to be listed post Monday, July 15.

Read more

Trump Assassination Attempt: Gold, stocks set to decline on Republican sweep speculation Premium

Trump Assassination Attempt: Gold, stocks set to decline on Republican sweep speculation

Fist in the air and on with the fight - that has been the historic picture that former President Donald Trump shortly after he survived an assassination attempt on his life. Trump was injured in his ear but seems to have come out stronger politically from the shocking political violence. 

Read more

Forex MAJORS

Cryptocurrencies

Signatures