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In opinion of Quek Ser Leang at UOB Group’s Global Economics & Markets Research, USD/IDR could revisit the 14,225 level in the very near-term.

Key Quotes

“Our expectation from last week for USD/IDR to ‘test 14,420’ did not materialize as it traded in a quiet manner between 14,270 and 14,360.”

“The underlying tone has softened somewhat and USD/IDR could drift lower to 14,225 this week. A sustained decline below this level is unlikely. On the upside, 14,395 is acting as a solid resistance level now.”