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Death Cross Develops In USD/IDR

DOLLAR-IDR

USD/IDR took a hit as the greenback remains on the defensive. The formation of
a "death cross" (50-DMA < 200-DMA) has added some further pressure to the
rate. Spot last changes hands -80 pips at IDR14,455.

  • BBG ran comments from President Joko Widodo, who stressed the
    importance of gov't spending in inspiring an economic rebound. He
    added that the 2021 budget will focus on reviving domestic economy, as
    well as on reforms in health, food, energy, education and digitalization.
  • A fall through the 200-DMA at IDR14,401 would open up Jul 9 & 14 lows at
    IDR14,355. Bulls look to retake Jul 23 high of IDR14,624 before targeting Jul
    20 high of IDR14,822.
  • Little of note left on Indonesia's economic docket this week.
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