USD/IDR Price News: Rupiah pares losses around $14,400 on upbeat Q4 Indonesia GDP

USD/IDR extends pullback from intraday top, probes three-day uptrend.
Indonesia Q4 GDP rose past market forecast, prior to 5.02%.
Traders take a breather as mixed sentiment, light calendar confuse traders after a volatile week.

Anil Panchal FXStreet

USD/IDR justifies upbeat Indonesia Q4 GDP release by easing to $14,400 during early Monday in Europe. Even so, the Indonesia rupiah (IDR) pair remains directionless amid mixed clues and a light calendar elsewhere.

Indonesia’s Q4 GDP crossed 4.9% market forcasts and 3.51% previous readouts to 5.2% YoY figures. Reuters quote high commodity prices and the loosening of anti-virus curbs as the key catalysts for the Asian nation’s upbeat GDP figures.

Alternatively, the US dollar also struggles to keep Friday’s rebound as the US Treasury yields retreat from a two-year high amid indecision over the US Federal Reserve’s (Fed) next move.

The US Dollar Index (DXY) rebounded from a three-week low after the monthly employment data release from the US. That said, the headline Nonfarm Payrolls (NFP) rose by 467K versus the median forecast for a 150K rise and 510K revised prior while the Unemployment Rate rose to 4.0% from 3.9% in December, compared to expectations for a no-change figure. It’s worth noting, however, that the U6 Underemployment Rate extended the south-run to 7.1% from 7.3% previous readouts. Also encouraging was Average Hourly Earnings that jumped strongly to 5.7% versus 4.9%.

However, sluggish figures of inflation expectations, as measured by the 10-year breakeven inflation rate per the St. Louis Federal Reserve (FRED) data, tested Fed hawks afterward.

Even so, geopolitical tension linked to Russia and macro fears of inflation keeps the DXY on the front foot ahead of Thursday’s Consumer Price Index (CPI) for January. Additionally, Fedspeak and geopolitics are extra catalysts to determine USD/IDR moves, not to forget China’s reaction to the macro changes that happened during its Lunar New Year holidays.

Technical analysis

Unless crossing a three-month-old horizontal area surrounding $14,455-40, USD/IDR remains on the seller’s radar with the 200-DMA level near $14,335-30 acting as immediate support.

Additional important levels

Overview
Today last price	14399.5
Today Daily Change	-3.6500
Today Daily Change %	-0.03%
Today daily open	14403.15

Trends
Daily SMA20	14344.9925
Daily SMA50	14331.99
Daily SMA100	14287.79
Daily SMA200	14332.1742

Levels
Previous Daily High	14441.95
Previous Daily Low	14357.5
Previous Weekly High	14441.95
Previous Weekly Low	14296.45
Previous Monthly High	14450.8
Previous Monthly Low	14185.25
Daily Fibonacci 38.2%	14409.6901
Daily Fibonacci 61.8%	14389.7599
Daily Pivot Point S1	14359.7833
Daily Pivot Point S2	14316.4167
Daily Pivot Point S3	14275.3333
Daily Pivot Point R1	14444.2333
Daily Pivot Point R2	14485.3167
Daily Pivot Point R3	14528.6833

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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