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The rupiah weakened ahead of Fed Chair Jerome Powell's Jackson Hole speech, with the spot rate near 15,320 per dollar. Analysts expected a hawkish message on inflation.
The People's Bank of China's cut to its loan prime rate, smaller than expected, pushed the yuan to a 16-year low against the dollar. Indonesia also recorded its first current account deficit in two years, at US$1.9 billion.
A weaker yuan and a current account deficit both add downward pressure on the rupiah, raising the cost of imported feed inputs in Indonesia. Slowing Chinese demand also weighs on regional commodity demand.
investor.idGrace El DoraAug 23, 2023Not enough comparable past events yet for a historical read.
After 398 past bullish macro events, Chinese Yuan (CNY per USD) moved a median +0.0% over 5 sessions (56% higher; middle half -0.3% to +0.5%), and +0.0% over 20.
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.
