USD/IDR Price News: Rupiah pops and drops to 14,550 on upbeat Consumer Confidence

The latest survey conducted by Bank Indonesia (BI), the Indonesian central bank, showed that the country’s Consumer Confidence Index jumped to 107.40 in June when compared to 104.40 booked in May.

The survey showed that consumer confidence improved further, despite the latest lockdown restrictions imposed in the nation amid a resurgence of covid cases.

FX Implications

The USD/IDR pair saw a downward spike to weekly lows of 14,440, in a knee-jerk reaction to the upbeat Indonesian data. However, the bulls fought back control and recapture the 14,500 level. The spot was last seen trading at 14,547.5, up 0.47% on the day.

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