USD/IDR Price News: Rupiah struggles to cheer upbeat Indonesia trade data near $14,200
|- USD/IDR retreats towards monthly low after two-day downtrend.
- Indonesia Trade Balance, Imports and Exports all flashed welcome numbers for October.
- DXY tracks softer US Treasury yields to step back from 16-month high.
USD/IDR reverses intraday gains, dropping back to $14,195 ahead of Monday’s Asian session. The Indonesia Rupiah (IDR) pair recently witnessed downside pressure following the firmer trade numbers from the Asian nation.
That said, Indonesia's Trade Balance jumped past $4.37B to $5.74B in October whereas the Imports and Exports also rose beyond the previous releases of 40.31% and 47.64% to 51.06% and 53.35% respectively.
Also positive for the IDR are the latest chatters over upbeat China data and Sino-American talks.
It’s worth noting that the softer US Treasury yields weigh on the US Dollar Index (DXY) by the press time, down 0.10% around 95.00. The reason could be linked to the mixed concerns over the Fed rate hike and US stimulus.
Looking forward, USD/IDR traders may remain cautious ahead of Thursday’s Bank Indonesia rate decision, expected to announce no change in the benchmark rates. However, Tuesday’s US Retail Sales may test the pair sellers.
Technical analysis
Until rising back beyond 200-DMA, near $14,350 by the press time, USD/IDR bears stay on the way to May’s low around $14,090.
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