At its April monetary policy meeting on Thursday, Indonesia’s central bank, Bank Indonesia (BI), decided to maintain its 7-day reverse repo rate at 6.00%, disappointing expectations of a rate cut.
With Indonesian President Joko Widodo making a renewed effort to boost economic growth as he prepares for a second term in office, markets had priced-in the central bank to cut rates in its attempt to spur growth.
Meanwhile, the Indonesian Central Bank Governor Perry Warjiyo told reporters on Tuesday that the policies will be maintained towards controlling the country’s widening current account deficit and keeping its financial assets attractive for investors.
On the status-quo decision by the Indonesian central bank, the Indonesian Rupiah (IDR) remained little affected against its American counterpart, with the USD/IDR cross maintaining its upside consolidative mode near 14,150 levels.
The technical set up remains in the favor of the bulls, should the spot close above the channel hurdle of 14,145, as explained by FXStreet’s Analyst, Omkar Godbole.
USD/IDR Technical Levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
AUD/USD keeps range around 0.6500 after RBA Minutes
AUD/USD trades in a narrow range at around 0.6500 in Tuesday's Asian trading. The pair draws some support from the hawkish RBA Minutes and China's stimulus hopes but the upside remains limited ahead of mid-tier US data and Fedspeak.
USD/JPY pulls back sharply to 154.00 amid looming Japanese intervention risks
USD/JPY is testing bids just above 154.00 in the Asian session on Tuesday after facing rejection at 154.70. There are no catalysts seen behind the latest leg down but looming Japanese internetion remains a risk to the pair's upside. The pair seems to have surrendered to some technical selling.
Gold price extends recovery above $2,600 on softer US Dollar
Gold price gathers recovery momentum above $2,600 early Tuesday. In the absence of high-tier data releases, escalating geopolitical tensions between Russia and Ukraine help Gold price recover some ground. A sustained US Dollar pullback also aids the Gold price turnaround ahead of Fedspeak.
Bitcoin could see another parabolic run following rising institutional interest
Bitcoin (BTC) began the week positively, rising over 3% above the $91K threshold on Monday. Despite the recent rise, BTC could begin another extended bullish move as top firms are increasing their Bitcoin holdings and potentially adopting it as a reserve asset.
The week ahead: Powell stumps the US stock rally as Bitcoin surges, as we wait Nvidia earnings, UK CPI
The mood music is shifting for the Trump trade. Stocks fell sharply at the end of last week, led by big tech. The S&P 500 was down by more than 2% last week, its weakest performance in 2 months, while the Nasdaq was lower by 3%. The market has now given back half of the post-Trump election win gains.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.