Sellers could push USD/IDR below the 14,500 region in the near term, suggested FX Strategist Quek Ser Leang at UOB Group’s Global Economics & Markets Research.

Key Quotes

“Our expectations for USD/IDR to ‘trade sideways’ last week were incorrect as it took out the rising trend-line support and plummeted last Friday. USD/IDR extended its decline today and USD/IDR is likely to break the major support near 14,500.”

“For this week, the next support at 14,448 is unlikely to come into the picture.”