USDIDR Today - The USD/IDR pair is attempting to stabilize above the crucial resistance level of 15,000 during the Asian session. The asset has strengthened following the Central Statistics Agency's report on the Consumer Price Index (CPI) decline in June. Today's technical analysis of the Rupiah is based on live data from FxStreet.com.

The monthly inflation figure shows a mild growth of 0.14%, while the initial forecast was higher at 0.24%. However, it remains higher than the previous month's inflation rate of 0.09%. Annual inflation also slowed to 3.52%.

According to consensus, the inflation rate was expected to be 3.64%, with the previous release at 4%. Meanwhile, core inflation, excluding food and energy prices, stood at 2.58%, lower than the previous forecast of 2.64% and the prior release of 2.66%. This allows Bank Indonesia (BI) to maintain stable interest rates.

Meanwhile, S&P500 futures contracts are showing a quiet market condition. U.S. stocks were heavily bought last week as investors anticipated that the Federal Reserve (Fed) may only raise interest rates once.

The U.S. Dollar Index (DXY) faced resistance around the 103.00 level and is expected to remain volatile ahead of the U.S. Manufacturing PMI data release from the Institute for Supply Management (ISM).

According to consensus, the Manufacturing PMI is expected to expand to 47.2, compared to the previous release of 46.9. Investors should note that the U.S. Manufacturing PMI has been in contraction for seven consecutive months, and it is expected to remain in contraction due to the higher interest rates set by the Federal Reserve. Additionally, the New Orders Index is expected to rise to 44.0 from the previous release of 42.6.

It is important for investors to monitor this data as the Manufacturing PMI results can provide insights into the health of the U.S. manufacturing sector. Changes in this economic data may impact the movement of the U.S. Dollar and financial markets as a whole.

Warning!

This analysis is based on both fundamental and technical perspectives from trusted sources, and is not intended as advice or a recommendation. Always remember that this content aims to enrich the reader's information. Always conduct independent research on other forex information to use as a reference in your trading.

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