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The rupiah traded at Rp 14,945 per US dollar on April 4, 2023, after closing at Rp 14,965 the previous day. Bank Mandiri's economist linked the currency's swings mainly to OPEC+'s oil production cut, which raised concerns about global inflation and more aggressive central bank tightening.
The OPEC+ cut raises the risk of tighter global monetary policy, which strengthens the dollar and pressures the rupiah. Palm oil strength from higher crude prices could support Indonesia's trade surplus and currency.
cnbcindonesia.comTim RedaksiApr 4, 2023Not enough comparable past events yet for a historical read.
After 323 past bullish macro events, Crude Oil (Brent) moved a median +0.7% over 5 sessions (58% higher; middle half -2.9% to +3.7%), and +1.3% over 20.
After 38 past bullish macro events, Palm Oil moved a median +0.5% over 5 sessions (61% higher; middle half -0.5% to +3.0%), and -0.3% 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.
