Euro holds ground against Canadian Dollar amid weaker oil prices
EUR/CAD inches higher after posting minor losses in the previous day, trading around 1.5840 during European hours on Wednesday. The currency cross holds ground following the release of final German inflation data.
The Indonesian Rupiah weakened amid domestic political instability, while the US Dollar remained stable. On Wednesday, the USD/IDR pair rose to around 18,140 during Asian trading hours as the Indonesian currency faced pressure from heightened market caution following political turmoil. Vice President Gibran Rakabuming Raka met with President Prabowo Subianto and stated his intention to resign, following two court rulings invalidating his educational credentials.
This raised doubts about his eligibility for office and triggered calls for parliamentary impeachment. Meanwhile, the US Dollar gained support from rising Federal Reserve rate hike odds in December, with markets pricing a 91% chance of an increase next month. The US Consumer Price Index rose 0.4% month-over-month in October, exceeding forecasts, and Core CPI matched September's pace.
The Dollar is expected to remain supported due to reassessed expectations of a more hawkish Fed, while Indonesia's currency is sensitive to global market conditions, domestic economic fundamentals, commodity prices, and central bank interventions. Bank Indonesia plays a crucial role in stabilizing the Rupiah through monetary policy adjustments and market operations.
Written by urgent.news from FXStreet's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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