In opinion of Quek Ser Leang at UOB Group’s Global Economics & Markets Research, USD/IDR is likely to navigate the 14,395-14,550 range in the next weeks.
Key Quotes
“We highlighted last week that ‘there is room for USD/IDR to test 14,490 first before easing’. However, instead of ‘testing’ 14,490, USD/IDR blew past the level and surged to a high of 14,565 on Friday (02 Jul).”
“Overbought conditions coupled with the weak opening today suggest that USD/IDR is unlikely to strengthen further. For this week, USD/IDR is more likely to consolidate and trade between 14,395 and 14,550.”