Quek Ser Leang at UOB Group’s Global Economics & Markets Research noted that further downside in USD/IDR is likely to meet solid support in the 14,300 area.
Key Quotes
“Our expectations for USD/IDR to ‘retest the 14,470 level’ last week did not materialize as it traded in a quiet manner within a range of 14,370/14,435.”
“USD/IDR opened on a soft note earlier today and while downward momentum is beginning to build, any weakness this week is expected to encounter solid support at 14,300. Resistance is at 14,410 followed by 14,435.”