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USD/IDR fell toward 15,250, a weekly low, as the rupiah posted a third straight daily gain. Traders positioned ahead of Bank Indonesia's rate decision, where the benchmark was expected to stay at 5.75%, and Fed Chair Powell's Jackson Hole speech.
Downbeat US PMIs and softer Treasury yields supported the rupiah.
A firmer rupiah lowers the local-currency cost of Indonesian imports such as soymeal and wheat, while a weaker dollar generally supports commodity prices in dollar terms. The rate decision and Fed signals are the near-term drivers.
octaafrica.netAug 24, 2023Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
