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USD/IDR Pulls Back From Fresh Cycle High

IDR

Spot USD/IDR pushed to a fresh cycle high of IDR 14,635 after the re-open, before giving away most of its initial gains. The rate last operates at IDR14,613, 18 figs lower on the day.

  • A deeper pullback under Apr 7 low of IDR14,470 would please bears, allowing them to set their sights on the 200-DMA at IDR14,386. Conversely, bulls look for a move through Oct 23 high of IDR14,708, before taking aim at Oct 6 high of IDR14,753.
  • The Finance Ministry announced that it has exempted some taxes in special economic zones for tourism businesses from Apr 1, as part of the new omnibus law on job creation.
  • Indonesian Covid-19 task force spokesman will take part in a discussion hosted by Jakarta Foreign Correspondents Club.
  • Looking ahead, Indonesian trade balance comes out on Thursday.

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