Indonesian Consumer Confidence drops sharply to 121.7 in Jan, Rupiah stalls the upside
Fundamental Forex Analysis

Indonesia’s Retail Sales drop 0.5% YoY in Dec, Rupiah keeps highs

Indonesia’s Retail Sales dropped by 0.5% on the year in December vs. a 1.3% rise seen in November, the latest survey conducted by Bank Indonesia (BI), the Indonesian central bank, released on Tuesday.

The survey also predicted retail sales would decline 3.1% on an annual basis in January, Reuters reports.

The year-end festivities failed to lift the country’s consumer spending in December.

FX Implications

The Indonesian Rupiah (IDR) corrects from multi-day highs reached vs. the US dollar at 13,727.5 on Monday. The fading China coronavirus concerns seem to lend support to the Asian currency, as markets ignore poor Indonesia’s Retail Sales data.

At the press time, the USD/IDR cross trades at 13,688, down 0.50% so far, having hit a daily low at 13,680.

 

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