USD/IDR Price News: Rupiah renews weekly bottom near $14,400 after Fed, BI Governor’s speech By anilpanchal7 USDIDR RiskAppetite Fed CentralBanks Inflation
BI Governor Warjiyo hints at rate hikes during late 2022, Fed announced hawkish halt.USD/IDR stays firmer around the weekly top of $14,403, up 0.10% intraday at $14,380 during Thursday’s Asian session.
In doing so, the Indonesia rupiah pair pays little heed to the comments from Bank Indonesia Governor Pere Warjiyo. “Indonesia's central bank governor Perry Warjiyo said on Thursday early signs of inflation might be seen at the end of this year and would be the basis for Bank Indonesia to start considering raising its policy interest rates,” said Reuters. Theadds, “BI will rely more on bond yield differential flexibility to mitigate global spillover from tightening by the U.S. Federal Reserve while it starts ‘normalizing’ excess liquidity Southeast Asia's biggest economy,” per BI Governor Warjiyo.
The USD/IDR pair’s rejection to cheer hawkish comments from BI Governor could be linked to the US Federal Reserve’s readiness to lift the benchmark rates amid inflation fears. The US Federal Reserve matched wide market expectations to keep benchmark interest rates and tapering targets intact during Wednesday’s Federal Open Market Committee meeting. However, the interesting part from the Monetary Policy Statement was, “The Committee expects it will soon be appropriate to raise the target range for the federal funds rate.”also spoke in sync with the hawkish signals from the US central bank while saying, “There’s plenty of room to raise rates.
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