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The Rupiah is Projected to Continue to Strengthen Today (1/12), Check Out the Affecting Sentiments

The Rupiah is Projected to Continue to Strengthen Today (1/12), Check Out the Affecting Sentiments

Andrianus.my.id - Indonesia. The rupiah exchange rate is projected to strengthen again on Thursday trading (1/12). A number of sentiments will affect the movement of the rupiah today.

Bank Permata economist Josua Pardede said the strengthening of the rupiah was supported by expectations that China would soften its Zero-Covid policy.

"This expectation was also supported by the weakening of China's manufacturing and services indicators which were noted to be in the contraction zone," Josua told Andrianus.my.id, Wednesday (30/11).

He considered that room for strengthening of the rupiah is still open in trading tomorrow, Thursday (1/12). The rupiah has the potential to strengthen further tomorrow, especially if US indicators continue to weaken tonight.

Some important US data that will be released tonight is ADP Employment Change and Wholesales Inventory.

ADP Employment Change reflects monthly changes in employment rates in the US primary sectors. Meanwhile, Wholesale Inventory is a change in the total value of wholesale trading company inventory items.

Monex Investindo analyst Andian Wijaya added, today's movement of the rupiah was caused by the persistent issue of the Fed's interest rate increase in December.

If there is no intervention from Bank Indonesia (BI) and the US ADP Employment Change report shows results that are not as expected, this could trigger the Fed to return to its aggressive monetary policy.

"The US ADP Employment Change report and the governor's speech by The Fed tonight will be factors driving the US dollar and of course can affect the rupiah," Andian added to andrianus.my.id, Wednesday (30/11).

Andian projects that the rupiah will move in the range of Rp. 15,700 - Rp. 16,050 per US dollar on Thursday (1/12). Meanwhile, Josua estimates that the rupiah is in the range of Rp. 15,675 - Rp. 15,775 per US dollar.

Meanwhile, the rupiah exchange rate on the spot market today, Wednesday (30/11) was able to slightly strengthen 0.07% after closing at Rp. 15,732 per US dollar. However, the position of the Jisdor Bank Indonesia (BI) rupiah was still helpless with a weakening of 0.03% to a level of Rp. 15,742 per US dollar.

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