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Bank Indonesia unexpectedly held its 7-day reverse repo rate at 4.50% on May 19, rather than cutting by 25 basis points as many had expected. It kept the rate unchanged for a third straight meeting to assess the pandemic's impact.
The central bank also cut its 2020 growth forecast and reported $4.1 billion in net portfolio inflows.
The hold weakened expectations for monetary easing and pushed the rupiah to two-month highs against the dollar, which affects the local cost of dollar-priced feed imports. The effect on commodity markets is limited.
forexcrunch.comFX StreetMay 19, 2020Not enough comparable past events yet for a historical read.
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.
