The novel coronavirus and the labor statistics from the U.S pushed IDR back. (Image via Market Bisnis)

The U.S economic data presses IDR to Rp13,711/USD

Alfonsus Adi Putra
Market & Investment
Foreign Exchange & Interest Rate
Feb 10, 2020
2008
On Monday’s foreign exchange (forex) spot market opening, Indonesian Rupiah (IDR) is seen at Rp13,711 against the U.S Dollar (USD). The rate weakened by 0.26 percent compared to Friday’s rate at Rp13,675/USD.

Today, some currencies also boarded the downward train. Indian Rupee (INR) weakened by 0.29 percent, Philippines Peso (PHP) by 0.03 percent, S. Korean Won (KRW) by 0.37 percent, and Singaporean Dollar (SGD) by 0.12 percent against the USD.

Indonesian forex experts said that the weakening of IDR and other currencies is caused by two factors: the novel coronavirus and the release of the employment statistics by the United States (U.S) Bureau of Labor Statistics.

Amid the trade war between the U.S and China, the data showed non-farm payroll figure showing that the number of active labor in January 2020 rose to 225,000, exceeding the market’s expectation. Meanwhile, the data hoisted the USD higher, the IDR lower.

Fortunately, the weakening is not that hard thanks to the release of data that showed January’s foreign income rose to US$131.7 billion.

Nonetheless, Indonesian forex experts warned that the IDR might fall further today. For today, IDR might stray to Rp13,675 – Rp13,710/USD. The market is still expecting China to contain the novel coronavirus.

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

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