- USD/IDR takes offers to refresh intraday low, snaps four-day uptrend.
- Indonesia Inflation eases to 5.28% YoY, 0.34% MoM during January.
- Mixed sentiment, sluggish yields and optimism in Asia-Pacific zone favor bears.
- FOMC is the key as 0.25% is priced in but Fed Chair Powell is a hawkish policymaker.
USD/IDR returns to the bear’s table after a four-day absence as it drops to $14,970 while refreshing intraday low during early Wednesday. In doing so, the Rupiah (IDR) ignores downbeat figures of Indonesia Inflation while bracing for the Federal Open Market Committee (FOMC) monetary policy meeting.
That said, Indonesia Inflation eased in January to 5.28% YoY and 0.34% MoM, versus 5.51% and 0.66% respective priors. With this, the inflation gauges also remained below the market forecasts of 5.4% yearly and 0.47% monthly figures. Even so, the key statistics remain beyond the Bank Indonesia’s (BI) target and underpin the IDR strength.
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