Rupiah Expected to Weaken Ahead of US Economic Data Release

Jakarta (ANTARA) - An analyst from Bank Woori Saudara, Rully Nova, predicts that the Rupiah exchange rate against the US Dollar in Monday’s trading will weaken due to anticipation surrounding the release of US economic data.

“The Rupiah in today’s trading is expected to weaken within a narrow range of Rp17,900 - Rp17,950, influenced by global factors anticipating US economic data, particularly the Non-Farm Payroll (NFP) data,” he told ANTARA in Jakarta on Monday.

The NFP data is predicted to be around 114,000, a decrease from the 172,000 recorded in the previous month.

Other sentiments stem from the direction of global central bank interest rate policies. During the European Central Bank (ECB) Forum, it was anticipated that global central bank interest rates would remain high for an extended period.

Regarding domestic sentiment, market participants are said to be awaiting trade balance data and inflation figures, which are scheduled for release on Wednesday (1/8).

“US NFP data is expected to be 114,000, down from 172,000; meanwhile, Indonesia’s trade balance remains in surplus, with an estimated achievement of US$1.18 billion,” Rully stated.

Meanwhile, at the start of trading this morning, the Rupiah exchange rate strengthened by 63 points or 0.35 per cent to Rp17,859 per US Dollar, compared to the previous close at the level of Rp17,922 per US Dollar.