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Pound Sterling to Indonesian Rupiah (GBP/IDR) Exchange Rate Forecast to Edge Lower on Mixed British Data
Published: 27 Jul at 12 PM Tags: Pound Sterling, Euro Exchange Rate, Dollar Exchange Rate, Currency Exchange, Euro Crisis, UK, Exchange Rates,
The Pound Sterling to Indonesian Rupiah (GBP/IDR) exchange rate was trending in the region of 20896.5484 during Monday’s European session.
With traders concerned that mixed results from the UK’s economic data publications last week would weigh on interest rate decisions from the Bank of England’s (BoE) Monetary Policy Committee (MPC), the Pound softened in the early stages of Monday’s European session. The Pound’s positive performance of late may also be weighing on demand amid fears that overvaluation will hinder economic growth.
Also aiding the Pound’s depreciation on Monday was mixed results from British economic data. The Confederation of British Industry (CBI) Business Optimism Index for the third-quarter was expected to drop from 3 to 1, but the actual result advanced to 8. However, CBI Industrial Trends Orders for July failed to meet with the median market forecast improvement from -7 to -5.9, but the actual result declined to -10.
The Pound Sterling to Indonesian Rupiah (GBP/IDR) exchange rate dropped to a low of 2.0853.0593 during Monday’s European session.
The Rupiah edged higher versus many of its currency rivals thanks to improved market sentiment amid speculation that Greece will be given bailout funds ahead of important loan repayments. A comparatively subdued US Dollar ahead of Durable Goods Orders also prompted an Indonesian Rupiah uptrend. Additionally, domestic data bettered estimates which saw heightened demand for the Indonesian asset. On the year, second-quarter Foreign Direct Investment advanced by 18.2%; bettering the median market forecast 11.6% growth.
‘This looks like investment has actually risen, which is good because going forward, the only source of economic growth would be investment and government spending,’ said David Sumual, Bank Central Asia's economist in Jakarta.
Looking ahead, a complete absence of further Indonesian economic data publications will see the Rupiah subject to market sentiment and US Dollar movement. In terms of British economic data, Tuesday’s Gross Domestic Product will have the most significant impact on the Pound Sterling to Indonesian Rupiah (GBP/IDR) exchange rate. The Federal Reserve interest rate decision will also have a significant impact on Rupiah movement as an emerging market currency.
The Pound Sterling to Indonesian Rupiah (GBP/IDR) exchange rate advanced to a high of 20951.2924 during Monday’s European session.
With traders concerned that mixed results from the UK’s economic data publications last week would weigh on interest rate decisions from the Bank of England’s (BoE) Monetary Policy Committee (MPC), the Pound softened in the early stages of Monday’s European session. The Pound’s positive performance of late may also be weighing on demand amid fears that overvaluation will hinder economic growth.
Also aiding the Pound’s depreciation on Monday was mixed results from British economic data. The Confederation of British Industry (CBI) Business Optimism Index for the third-quarter was expected to drop from 3 to 1, but the actual result advanced to 8. However, CBI Industrial Trends Orders for July failed to meet with the median market forecast improvement from -7 to -5.9, but the actual result declined to -10.
The Pound Sterling to Indonesian Rupiah (GBP/IDR) exchange rate dropped to a low of 2.0853.0593 during Monday’s European session.
The Rupiah edged higher versus many of its currency rivals thanks to improved market sentiment amid speculation that Greece will be given bailout funds ahead of important loan repayments. A comparatively subdued US Dollar ahead of Durable Goods Orders also prompted an Indonesian Rupiah uptrend. Additionally, domestic data bettered estimates which saw heightened demand for the Indonesian asset. On the year, second-quarter Foreign Direct Investment advanced by 18.2%; bettering the median market forecast 11.6% growth.
‘This looks like investment has actually risen, which is good because going forward, the only source of economic growth would be investment and government spending,’ said David Sumual, Bank Central Asia's economist in Jakarta.
Looking ahead, a complete absence of further Indonesian economic data publications will see the Rupiah subject to market sentiment and US Dollar movement. In terms of British economic data, Tuesday’s Gross Domestic Product will have the most significant impact on the Pound Sterling to Indonesian Rupiah (GBP/IDR) exchange rate. The Federal Reserve interest rate decision will also have a significant impact on Rupiah movement as an emerging market currency.
The Pound Sterling to Indonesian Rupiah (GBP/IDR) exchange rate advanced to a high of 20951.2924 during Monday’s European session.
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Source: moneytransfer.co.uk