USD/IDR: A move to 14,565 looks out of favour – UOB

Quek Ser Leang at UOB Group’s Global Economics & Markets Research suggests USD/IDR is unlikely to climb to the 14,565 level.

Key Quotes

“We expected USD/IDR to ‘continue to trade sideways, likely within a range of 14,330/14,405’ last week. However, USD/IDR popped to a high of 14,470 last Friday.”

“While USD/IDR opened lower this morning, the underlying tone have firmed somewhat and USD/IDR could retest the 14,470 level this week.”

“The major resistance at 14,565 is not expected to come into the picture.”