USD/IDR has dropped below 14,900 after upbeat Indonesian Retail Sales data.Bank of Indonesia might reconsider its stable policy stance as Retail Sales have expanded by 0.6%.The downside bias for US Dollar has been strengthened after light inflation guidance from Fed policymakers.
The USD/IDR pair has slipped sharply below the crucial support of 14,900 in the Asian session. The asset has witnessed a steep fall amid the release of the bumper Indonesian Retail Sales data. The economic data has expanded by 0.6% against a contraction of 0.6% on an annual basis. Strong retail demand has bolstered inflation expectations, which could force the Bank of Indonesia (BI) to consider more rate hikes.
Meanwhile, S&P500 futures are struggling to find a decisive move as investors have sidelined ahead of the result season of the first quarter of CY2023, portraying a mixed market mood. Technology and banking stocks are expected to underperform amid higher interest rates and the recent banking crisis.
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