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

The latest survey conducted by Bank Indonesia (BI), the Indonesian central bank, showed that the country’s Consumer Confidence Index worsened to 121.7 in January when compared to 126.4 booked in December.

FX Implications

The USD/IDR pair dropped to a new four-day low of 13,645 earlier today, as easing coronavirus fears underpinned the Asian currency that tracked that recent gains in the Chinese yuan.  

At the press time, USD/IDR consolidates the drop near 13,650, down -0.12% on the day. The Indonesian rupiah stalls its upbeat momentum amid deteriorating Indonesian consumer confidence, as the virus worries seem to weigh.  

• USD/IDR stays on the back foot amid broadly positive Asian markets