- USD/IDR keeps Friday’s rebound despite Indonesia’s firmer CPI, PMI data.
- Fed tapering concerns underpin US dollar ahead of the key Wednesday.
- Fears of China losing economic momentum off the pandemic also challenge IDR.
USD/IDR stays firmer around $14,240, recently easing to $14,235, ahead of Monday’s European session. The Indonesian rupiah (IDR) pair recently ignored firmer Indonesia numbers amid fears concerning China and economic growth at home.
Indonesia’s headline Inflation matches the 1.66% YoY forecast, versus 1.6% prior whereas the figures bear +0.11% market consensus and -0.04% prior with +0.12% figures on MoM. Further, Core Inflation rose past 1.3% previous readouts to 1.33% during October. Additionally, Indonesia HIS Markit PMI for October also rose past 52.2 in September to 52.7.
It’s worth noting that the Bank Indonesia (BI) has recently eased credit card rules. During its latest monetary policy meeting in October, the BI matched wide market expectations of inaction while suggesting a rate hike move in 2022.
Elsewhere, the Fed tapering tantrums underpin the US dollar and the Treasury yields. However, cautious optimism in equities markets and the US stimulus hopes challenge the risk-off mood. Also challenging the USD/IDR bears is the fears that the Asian major China, also Indonesia’s strong trading partner, seems to lose underlying economic recovery momentum from the pandemic as supply crunch and credit crisis challenge the bulls.
Given the firmer US inflation and chatters surrounding Fed tapering, USD/IDR may remain firmer but cautious mood ahead of Wednesday’s Fed verdict may challenge the pair’s advances.
Although an eight-day-long rising support line, around $14,170, keeps USD/IDR bulls hopeful, 50-DMA and a downward sloping trend line from August 20, around $14,250-55, question the pair’s short-term advances.
Additional important levels
|Today last price||14239.65|
|Today Daily Change||11.1000|
|Today Daily Change %||0.08%|
|Today daily open||14228.55|
|Previous Daily High||14258.75|
|Previous Daily Low||14175|
|Previous Weekly High||14259.25|
|Previous Weekly Low||14120|
|Previous Monthly High||14373.25|
|Previous Monthly Low||13716.9|
|Daily Fibonacci 38.2%||14226.7575|
|Daily Fibonacci 61.8%||14206.9925|
|Daily Pivot Point S1||14182.7833|
|Daily Pivot Point S2||14137.0167|
|Daily Pivot Point S3||14099.0333|
|Daily Pivot Point R1||14266.5333|
|Daily Pivot Point R2||14304.5167|
|Daily Pivot Point R3||14350.2833|
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.