USD/IDR is now seen extending the consolidation within 15,240 and 15,340 in the next weeks, notes Markets Strategist Quek Ser Leang at UOB Group.
Key Quotes
Last week, we held the view that USD/IDR “is likely to strengthen further, but March’s peak near 15,475 is likely out of reach”. However, USD/IDR traded in a range of 15,235/15,338 before ending the week largely unchanged at 15,290 ( 0.07%). USD/IDR appears to have moved into a consolidation phase; this week, it is likely to trade sideways between 15,240 and 15,340.
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