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USD/IDR Descends Further

DOLLAR-IDR

USD/IDR continues to ebb lower and last deals at IDR14,459, 76 pips lower
on the day. The recent death cross formation keeps weighing on the pair,
with bearish eyes set on Jul 9 & 14 coinciding at IDR14,355, just above
the 50% retracement of the Jun 8 - Jul 20 rally at IDR14,352. Bulls need a
recoil above Jul 23 high of IDR14,624 to regain some poise.

  • Indonesian Econ Min Hartarto said that the gov't wants to disburse
    IDR100tn working capital loan by '21 to support economic recovery
    across different sectors. Hartarto noted that the gov't already sees
    some recovery in demand and exports.
  • Nothing much left on Indonesia's economic docket this week, focus turns
    to broader news and market flows.

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