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USD/IDR Price News: Rupiah bulls cheer upbeat Indonesia Consumer Confidence above $14,300
USD/IDR stays depressed near $14,330 while declining for the third consecutive day, down 0.14% intraday, ahead of Wednesday’s European session.
Although broad US dollar weakness could be linked to the Indonesian rupiah (IDR) pair’s declines, firmer consumer sentiment data from Indonesia also favored the pair sellers of late.
That said, the nation’s Consumer Confidence Index jumped to 118.5 during November, versus October 113.4, to print the highest level since January 2020. The sentiment gauge portrays “improving perception of economic conditions amid a rise in incomes and job opportunities, the central bank said in a report on Wednesday,” per Reuters.
On the other hand, receding fears of the South African coronavirus variant, dubbed as Omicron, join Japan and China’s readiness to safeguard respective economies to favor risk appetite. It’s worth noting that geopolitical tensions between the Washington and Kremlin, as well as the US-China tussles, join fears of Chinese real-estate companies’ default to probe the optimists and challenge USD/IDR bears.
Against this backdrop, the US 10-year Treasury yields drop 1.7 basis points (bps) to 1.463% at the latest while S&P 500 Futures and Asia-Pacific stocks remain positive by the press time.
Moving on, risk catalysts are the key for intraday traders of the USD/IDR pair while inflation data from China and the US, scheduled for release on Thursday and Friday respectively, will be important to watch afterward.
Technical analysis
A clear downside break of the 200-DMA, around $14,365 at the latest, keeps USD/IDR sellers hopeful to aim for the late November’s swing low surrounding $14,170.
Source: https://www.fxstreet.com/news/usd-idr-price-news-rupiah-bulls-cheer-upbeat-indonesia-consumer-confidence-above-14-300-202112080551