Further range bound seen in USD/IDR – UOB

USD/IDR is forecast to navigate the 14,200-14,330 range for the time being, in opinion of Quek Ser Leang at UOB Group’s Global Economics & Markets Research.

Key Quotes

“USD/IDR dropped to 14,170 in late Dec before rebounding quickly. The rapid rebound amidst waning momentum indicates that downward pressure has eased.”

“The current movement is viewed as part of a consolidation phase and USD/IDR is likely to trade between 14,200 and 14,330 for this week.”