Thanks to the positive signal from the trade negotiation between the U.S and China, IDR maintained its two-day strengthening streaks. (Image via Market Bisnis)

Approaching weekends, IDR strengthens to Rp14,030/USD

Alfonsus Adi Putra
Market & Investment
Foreign Exchange & Interest Rate
Dec 06, 2019
2243
On Friday’s foreign exchange (forex) spot market opening, the Indonesian Rupiah (IDR) is seen at Rp14,030 against the U.S Dollar (USD). The rate strengthened by 0.27 percent compared to Thursday’s closing rate at Rp14,068/USD. For today, IDR is moving around Rp14.030 -Rp14.100/USD.

Today, most currencies in the Asia – ASEAN regions are strengthening against the USD. S. Korean Won (KRW) strengthened by 0.21 percent, Malaysian Ringgit (MYR) by 0.09 percent, Japanese Yen (JPY) 0.04 percent, and Singaporean Dollar (SGD) which strengthened slightly by 0.02 percent.

Only Turkish Lira (TRY) weakened against the USD by 0.02 percent. Meanwhile, the Hong Kong Dollar (HGD) remains stagnant against the USD.

Among the developed countries, most currencies also strengthened against the USD. Both Great Britain Pound sterling (GBP) and European Union Euro (EUR) strengthened by 0.03 percent and 0.01 percent respectively, and Australian Dollar (AUD) strengthened by 0.07 percent against the USD. Only Canadian Dollar (CAD) which weakened by 0.06 percent against the USD.

Same as Thursday, Indonesian forex experts explained that the positive signal from the trade war negotiation between the U.S and China benefited IDR. The market was optimistic that the “Phase One” negotiation is “progressing” based on the statement from Gao Feng, China’s Ministry of Commerce spokesman.

However, IDR will find it difficult to thrive because the negotiation is still up in the air.

Besides the trade war, the release of nonfarm payroll data by the U.S tonight will also determine the movement of IDR. The data is essential to the movement of financial instruments; and, if the result is positive, IDR will weaken instead.

Source: https://bit.ly/2YnOzpu

Business , Market , Economy , Politics , Trade , Trade-war , U.S , China , Phase-One , Negotiation , Forex , ASEAN , Indonesia , IDR , USD