USD/IDR: Rupiah little changed on Bank Indonesia’s unexpected rate cut

At its August monetary policy meeting on Thursday, Indonesia’s central bank, Bank Indonesia (BI), unexpectedly cut its 7-day reverse repo rate by 25bps to 5.50%.

The latest Reuters poll showed that 17 of 19 economists said they expect Bank Indonesia (BI) to stand pat and keep its 7-day reverse repurchase rate at 5.75%.

The central bank Governor noted that global economic dynamics must be taken into account in our efforts to support GDP growth.

Additional Comments:

Policy mix by central bank and govt needed to lift GDP growth.

GDP growth to remain good supported by consumption, investment.

Keeps 2019 economic growth outlook at below midpoint of 5.0-5.4%.

2020 growth seen at midpoint of 5.1%-5.5%.

2019 and 2020 current account deficit seen within 2.5%-3% of GDP.

To continue making sure money market has enough liquidity.

Room for accommodative macroprudential policy open.

Loan growth in 2020 seen at 11%-13% y/y, up from 2019's 10%-12% outlook.

On the rate cut by the Indonesian central bank, the Indonesian Rupiah (IDR) remains modestly flat against its American counterpart, keeping the USD/IDR recovery intact near 14,240 levels. The spot reached three-day lows of 14,225 before the rate decision.

USD/IDR Technical Levels


Today last price 14243
Today Daily Change 27.4500
Today Daily Change % 0.19
Today daily open 14228.55
Daily SMA20 14197.7025
Daily SMA50 14143.174
Daily SMA100 14200.1725
Daily SMA200 14234.1957
Previous Daily High 14330.1
Previous Daily Low 14213.05
Previous Weekly High 14363.5
Previous Weekly Low 14155.05
Previous Monthly High 14240
Previous Monthly Low 13884
Daily Fibonacci 38.2% 14257.7631
Daily Fibonacci 61.8% 14285.3869
Daily Pivot Point S1 14184.3667
Daily Pivot Point S2 14140.1833
Daily Pivot Point S3 14067.3167
Daily Pivot Point R1 14301.4167
Daily Pivot Point R2 14374.2833
Daily Pivot Point R3 14418.4667



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