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The rupiah weakened against the dollar after stronger-than-expected US GDP and jobless claims data. US second-quarter GDP grew 2.4% against a forecast of 1.8%, and claims fell to 221,000.
Markets expected the Federal Reserve to keep rates high for longer.
Higher US rates strengthen the dollar and raise the cost of dollar-denominated feed imports for Indonesia. The rupiah's weakness adds to import costs.
antaranews.comM Baqir Idrus AlatasJul 28, 2023Not enough comparable past events yet for a historical read.
After 2,356 past bullish macro events, US Dollar (Broad) moved a median +0.2% over 5 sessions (60% higher; middle half -0.3% to +0.7%), and +0.4% 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.
