Indonesian Rupiah declines despite weaker US Dollar
USD/IDR extends its gains for the second successive day, trading around 17,790 during the Asian hours on Monday. However, the upward momentum for USD/IDR remains capped by broader US Dollar (USD) weakness.
Overnight, the Indonesian Rupiah slipped despite a weaker US Dollar. The USD/IDR pair traded around 17,790 during Asian hours on Monday. However, the decline was limited by broader weakness in the US Dollar. Federal Reserve Chair Kevin Warsh reiterated hawkish remarks at the Jackson Hole symposium, but these comments did not trigger an immediate rate hike.
Fed Chair Jerome Goolsbee delivered a moderately hawkish tone, suggesting that the Federal Reserve will likely hold rates steady in September. Market focus shifted to upcoming Indonesian economic indicators, including August inflation figures and July trade data. The USD/IDR pair traded at 17,790, trading below key moving averages and suggesting a bearish near-term bias.
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