Forex - Indonesia Flows: Rupiah breaks 14000 on phase 1 trade deal


 02:51 (GMT) 13 Dec

  [Forex Flows]

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Indonesia Flows: Rupiah breaks 14000 on phase 1 trade deal (0101-PZMN-C01)

USD/IDR onshore spot saw a sharp slide lower on Friday to fresh 3-month lows of 13971 in early trading from previous close of 14033, breaking below the 1400 handle. The move was underpinned by risk-on sentiments in Asia driven by the signing of phase 1 trade deal between the US and China, as well as UK exit polls showing a Conservatives majority which should put the Jan 31 Brexit back on the table.

Pair broke below 14000 just as we had expected it would in case of a real trade deal. Support at 13970 held off a further slide for now, but we see risks as European/American traders come online. The storing support at 13890 may however hold for now until further details are released. 1M NDFs meanwhile traded slightly lower to 13974 lows this morning and was last seen trading around the 14000 handle. JKSE last seen up by over 0.6%.


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