Further range bound seen in USD/IDR – UOB

USD/IDR is forecast to navigate within the 14,920-15,020 range for the time being, suggested Quek Ser Leang at UOB Group’s Global Economics & Markets Research.

Key Quotes

“We highlighted last week that ‘the combination of weakening upward momentum and overbought conditions suggest USD/IDR is unlikely to advance much further’ and we expected USD/IDR to ‘trade between 14,872 and 15,050’. USD/IDR subsequently traded sideways within a narrower range than expected (14,943/14,997).”

“Shorter-term momentum indicators are mostly neutral and USD/IDR could continue to trade sideways. Expected range for this week, 14,920/15,020.”