USD/IDR: Flat lined below 14,100, voting begins in Indonesia Presidential Elections
- USD/IDR is comatose in Asia, having closed below key moving average support earlier this week.
- Voting in Indonesian Presidential and Legislative elections began at 7 am local time.
- Victory for incumbent Joko Widodo could bode well for IDR.
USD/IDR is trading largely unchanged on the day at 14,080 at press time, having found acceptance under the 50-day moving average (MA) on Monday.
Voting has begun in the eastern part of Indonesia in the first simultaneous Presidential and Legislative elections. Incumbent Joko Widodo is up against nationalist former army general Prabowo Subianto.
From Indonesian Rupiah's point of view, Subianto's victory could bring in some uncertainty, given his lack of experience in governing.
That said, there is very little difference between the economic policies proposed by both candidates. Even so, Widodo victory may put a bid under the IDR. After all, the incumbent is seen as a progressive leader, as the Indonesian economy has expanded by a solid 5 percent during his term in power.
The voting, which began at 7 am local time in restive Papua, will end at 1 pm in Sumatra. The exit polls will hit the wires 3 pm onwards, post which USD/IDR volatility may rise.
Technical Levels
Author
Omkar Godbole
FXStreet Contributor
Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.
