USD/IDR Price News: Rupiah clings to mild losses near $15,250 amid mixed Indonesia Inflation – by anilpanchal7 USDIDR Inflation RiskAppetite China Currencies
Indonesia Inflation and Core Inflation both grew more than expected in February.US PMIs, risk catalysts eyed for immediate directions, Fed talks will be the key.
USD/IDR struggles to justify strong Indonesia Inflation early Wednesday as it picks up bid to $15,560 during the two-day uptrend at the latest. The reason could be linked to the mixed sentiment in the markets as traders brace for the key March month. Indonesia's Inflation grew 5.47% YoY versus 5.44% expected and 5.28% prior but the MoM figures eased to 0.16% from 0.34% previous readings while crossing 0.11% market consensus. Further, Core Inflation dropped to 3.09% during the stated month versus 3.26% estimations and 3.27% prior.and weighed on the USD/IDR prices. However, anxiety ahead of the key data/events, as well as firmer US Treasury bond yields seems to propel the USD/IDR prices.
Amid these plays, the S&P 500 Futures trace Wall Street’s mild losses around 3,960. Further, the US 10-year Treasury bond yields rose two basis points to 3.93% while the two-year counterpart rises four bps to 4.84% by the press time. With this, both the key bond coupons march towards the three-month high marked in February after printing the biggest monthly gain since September 2022.
Looking ahead, US S&P Global and ISM PMIs for February could direct immediate moves but major attention will be given to the next week’s monthly jobs report, Federal Reserve Chairman Jerome Powell’s testimony and the Federal Open Market Committee monetary policy meeting for clear directions.
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