Indonesia's retail sales drop 1.8% y/y in June – BI Survey (USD/IDR extends correction)

According to the latest survey conducted by Bank Indonesia (BI), the Indonesian central bank, Indonesia's retail sales dropped 1.8% on the year in June vs. a 7.7% increase seen in May.

The survey predicted retail sales would rise 2.3% on an annual basis in July, when the new school year begins, Reuters reports.

The Indonesian Rupiah (IDR) extends its recovery mode into a third straight day today, with USD/IDR back to 14,200 level, modestly unchanged on the day. The cross hit fresh three-month highs at 14,360 on Tuesday.