USD/IDR: Scope for further consolidation – UOB

In opinion of Quek Ser Leang at UOB Group’s Global Economics & Markets Research, USD/IDR remains poised to trade between 14,288 and 14,400 for the time being.

Key Quotes

“Last Monday (07 Feb, spot at 14,400), we highlighted that USD/IDR ‘appears poised to break clearly above 14,405’. We added, ‘a clear break of this level is likely to lead to further USD/IDR strength’.”

“While USD/IDR subsequently rose to 14,408, the anticipated advance did not materialize as USD/IDR pulled back from the high. Upward pressure has dissipated and for this week, USD/IDR is likely to trade sideways between 14,288 and 14,400.”