USD/IDR now looks consolidative within 15,450-15,640 – UOB

Markets Strategist Quek Ser Leang at UOB Group’s Global Economics & Markets Research expects USD/IDR to keep the 15,450-15,640 range unchanged for the time being.

Key Quotes

“Our expectation for USD/IDR to break 15,750 last week did not materialize as it traded within a relatively narrow range between 15,510 and 15,621. We view the quiet price movement as part of a consolidation phase and we expect USD/IDR to trade between 15,450 and 15,640 this week”.

“Looking ahead, USD/IDR has to break clearly above 15,640 before a sustained rise is likely”.