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The Indonesian rupiah rose to the top of Asia's currency performance table this year, up more than 2% against the dollar. It has since weakened about 1.5% in February after foreign funds sold roughly US$400 million of Indonesian bonds this month.
Traders are reassessing how high US rates may go.
A firmer rupiah lowers the local-currency cost of Indonesian imports such as soybean meal and corn, while renewed weakness raises them. Indonesia is also a major palm oil exporter, so currency moves can shift its export pricing.
businesstimes.com.sgFeb 27, 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.
