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USD/IDR Softens Ahead Of Indonesian Trade Data

DOLLAR-IDR

USD/CNH dynamics and resultant greenback sales helped pressure spot USD/IDR, which currently trades -35 pips at IDR14,845. A clean breach of Sep 4 & 7 lows of IDR14,705 would please bears, drawing attention to Aug 31 low of IDR14,505. Conversely, bears keep an eye on the 50-DMA heading upwards and towards the descending 100-DMA. Initial topside target is provided by Sep 11 high/round figure of IDR14,950/15,000. Next resistance is at IDR15,138, which represents the high of May 5.

  • A parliamentary hearing on Bank Indonesia Law revision with finance experts will kick off at the top of the hour.
  • Muhammad Litfi, Indonesia's ex-Trade Min, was appointed as the nation's new ambassador to the U.S., pledging to push for the extension to Indonesia's trade privileges under the GSP and to start negotiations on a limited trade pact with Washington.
  • Indonesian trade balance is due later today. On Thursday, Bank Indonesia will deliver its monetary policy decision.

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