Indonesian Consumer Confidence drops further in July, Rupiah unfazed

The latest survey conducted by Bank Indonesia (BI), the Indonesian central bank, showed that the country’s Consumer Confidence Index fell further to 124.8 in July when compared to 126.4 booked in June.

Meanwhile, the USD/IDR pair extends its retreat from three-month highs of 14,360 on the Indonesian central bank’s readiness to intervene to stabilize the Rupiah. Therefore, markets seem to have ignored the downbeat data. At the press time, the Indonesian Rupiah recovers to 14,317 levels vs. its American peer.

Note that the Indonesian economy expanded more-than-expected in the second quarter, the latest government data showed on Monday.