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The rupiah fell to its weakest level in over two months on November 4, touching 14,345 per dollar, after the Fed announced a $15 billion monthly reduction in bond purchases as expected. The Fed also signalled that rate hikes would come in 2023 rather than 2022, and the dollar index fell 0.25%.
The rupiah's decline was modest, with the Fed's move seen as avoiding a taper tantrum.
The Fed's tapering was largely priced in and did not trigger a sharp EM sell-off, so import costs for Indonesian feed buyers rose only modestly. The dollar's softer reaction reduces near-term pressure on dollar-priced feed ingredients.
cnbcindonesia.comPutu Agus PransuamitraNov 4, 2021Not enough comparable past events yet for a historical read.
After 1,637 past bearish macro events, US Dollar (Broad) moved a median -0.2% over 5 sessions (39% higher; middle half -0.6% to +0.3%), and -0.2% 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.
