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Greenback Weakness Drags NDFs Lower

IDR

Onshore Indonesian markets are closed through the end of the week, owing to Hari Raya Aidilfitri holidays. USD/IDR 1-month NDF last sits -63 figs at IDR14,319 amid a broad-based greenback depreciation seen in Asia-Pac hours.

  • The contract started on a softer footing. Despite gradually chewing into those initial losses, it fell short of reclaiming the previous close and faltered again.
  • Bears look for a dip through May 7 low of IDR14,133, which would bring Feb 25 low of IDR14,080 into view. On the topside, focus falls on yesterday's high of IDR14,387 and a break here would allow bulls to set their sights on the 200-DMA at IDR14,454.

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