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INDONESIA: USD/IDR:  Rupiah Opens Firmer After Poor Week

INDONESIA
EM BulletBulletIndonesiaAPACEmerging Market News
  • The rupiah has opened Monday trading marginally better at 16,533 following Friday’s close of 16,580
  • USDIDR set new highs last week and continues to struggle as risk aversion and tariff headlines dent risk sentiment.     
  • Friday’s weakness led to the Central Bank intervening in FX markets, commenting that ‘we will boldly enter the market to maintain a balance of supply and demand for FX.”
  • Despite the intervention and today’s gains, the rupiah remains above all key technical levels with the nearest the 20-day EMA at 16,632.
  • Indonesia’s February PMI surprised to the upside today at 53.6, from 51.9 in January with CPI released later. 
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  • The rupiah has opened Monday trading marginally better at 16,533 following Friday’s close of 16,580
  • USDIDR set new highs last week and continues to struggle as risk aversion and tariff headlines dent risk sentiment.     
  • Friday’s weakness led to the Central Bank intervening in FX markets, commenting that ‘we will boldly enter the market to maintain a balance of supply and demand for FX.”
  • Despite the intervention and today’s gains, the rupiah remains above all key technical levels with the nearest the 20-day EMA at 16,632.
  • Indonesia’s February PMI surprised to the upside today at 53.6, from 51.9 in January with CPI released later.