USD/IDR Price News: Rupiah steadies near 15,000 even as Indonesia trade surplus widens


  • USD/IDR struggles to defend Friday’s corrective bounce despite downbeat Indonesia trade numbers for June.
  • Indonesia Exports slumped 21.18% in June versus 0.96% prior, -18.65% expected.
  • Risk aversion, pessimistic headlines surrounding China also put a floor under the Rupiah pair.

USD/IDR remains unimpressive around 15,000 as downbeat Indonesia trade numbers jostle with the mixed sentiment during early Monday.

That said, Indonesia's Exports slumped 21.18% in June versus 0.96% prior and analysts’ estimations of -18.65%. Further details suggest that Imports drop to -18.35% from 14.35%, versus -7.75% expected whereas the Trade Balance suggests a wider surplus of $3.46B versus $1.35B market forecasts and $0.44B prior.

It should be noted that the downbeat prints of China’s second quarter (Q2) 2023 Gross Domestic Product (GDP) joins geopolitical fears surrounding typhoon Talim in Hong Kong, as well as the International Monetary Fund’s (IMF) fears about inflation, weigh on the sentiment and put a floor under the USD/IDR price.

On the same line could be the comments from New Zealand Prime Minister (NZ) Chris Hipkins and US Treasury Secretary Janet Yellen who flagged the looming geopolitical concerns about China and hence weighed on the sentiment, which in turn defends the USD/IDR buyers.

Elsewhere, consolidation in the US Dollar Index (DXY) price amid the pre-Fed blackout, after posting the biggest weekly loss since November 2022, also challenges the USD/IDR bears despite the quote’s latest failure to extend the previous day’s rebound. It’s worth noting that Friday’s preliminary reading of the University of Michigan's (UoM) Consumer Confidence Index and consumer inflation expectations push back concerns that the Fed is near to the policy pivot and allow the US Dollar to lick its wounds, as well as lure the USD/IDR buyers.

Looking ahead, the risk catalysts will be important to watch for near-term directions amid a light calendar.

Technical analysis

USD/IDR recovery remains elusive unless printing a daily closing beyond the 10-week-old support-turned-resistance, around 15,030 by the press time.

Additional important levels

Overview
Today last price 15005
Today Daily Change 2.0000
Today Daily Change % 0.01%
Today daily open 15003
 
Trends
Daily SMA20 15039.6375
Daily SMA50 14945.577
Daily SMA100 15001.855
Daily SMA200 15217.0918
 
Levels
Previous Daily High 15004.75
Previous Daily Low 13588
Previous Weekly High 15916.7
Previous Weekly Low 13588
Previous Monthly High 15087.35
Previous Monthly Low 14140.05
Daily Fibonacci 38.2% 14463.5515
Daily Fibonacci 61.8% 14129.1985
Daily Pivot Point S1 14059.0833
Daily Pivot Point S2 13115.1667
Daily Pivot Point S3 12642.3333
Daily Pivot Point R1 15475.8333
Daily Pivot Point R2 15948.6667
Daily Pivot Point R3 16892.5833

 

 

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

AUD/USD attracts some sellers below 0.6800 ahead of Chinese data

AUD/USD attracts some sellers below 0.6800 ahead of Chinese data

The AUD/USD pair trades on a weaker note around 0.6770, snapping the four-day winning streak during the early Asian session on Monday. The recovery of the US Dollar provides some support to the pair.

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