US Economic Data Wait Market, Rupiah Potentially Strengthens Again

JAKARTA - The rupiah exchange rate in trading Friday, September 6, 2024 is expected to move higher against the United States (US) dollar.

Financial Market and Commodity Observer Ariston Tjendra said he saw the movement of the rupiah as likely to strengthen today against the US dollar after last night data on several US workers showed no solid results.

"The Non-Farm Payrolls ADP data, which is data on additional labor surveyed by the private sector of ADP, for August shows an increase below market projections, 99 thousand vs 144 thousand," he told VOI, Friday, September 6.

Ariston conveyed that this data on US workers that is not solid opens up opportunities for greater cuts this year.

According to Ariston, market participants are still waiting for US labor data to be released by the government tonight, namely Non-Farm Payrolls data, unemployment rate data, and data on an average wage increase per hour.

"If it is in line, next week the rupiah can strengthen again," he said.

Ariston estimates that the movement of the rupiah on Friday, September 6 has the potential to strengthen towards Rp. 15,380 with a potential resistance in the range of Rp. 15,450.

Quoting Bloomberg, the Rupiah exchange rate on Thursday, September 5, 2024, the rupiah spot exchange rate was closed up 0.51 percent to the level of Rp15,401 per US dollar. Similarly, the Jakarta Interbank Spot Dollar Rate (Jisdor) exchange rate of Bank Indonesia (BI) closed higher by 0.52 percent to a price level of Rp15,410 per US dollar.