FX Strategist Quek Ser Leang at UOB Group’s Global Economics & Markets Research suggests USD/IDR could weaken to 14,620 in the near term.

Key Quotes

“The sharp drop in USD/IDR to 14,655 last week came as surprise (we were expecting sideway-trading).”

“While the rapid decline appears to be overdone, the weakness in USD/IDR could extend to 14,620 first before stabilization is likely. Resistance is at 14,760 followed by 14,810.”