BI Held Rate Steady
Bank Indonesia held the interest rates steady at 7.5%, as expected. The central bank is seen holding rates for now as it has lack of reasons to raise rates again.
Post-BI decision and after Janet Yellen delivered her first speech as the Fed boss, the market will tend to be moving sideways in a wider range.
On the other hand, investors are likely to wait for corporate earnings report, scheduled for release this month.
USDIDR fell further to 12,073 from 12,115 per USD as BI held rates steady at 7.5%.
Jobless Up, Sales Down
US Jobless claims ticked up during the recent week to 339k from 331k a week earlier. The reading was worse than the expected of 330k.
US Retail sales fell 0.3% in January after a 0.3% gains in December. The result was also disappointing as the consensus stood at 0.2% gains. Excluding autos, sales stood still, but excluding auto and gas the sales were down by 0.2%.
Technically Speaking ...
JCI continued its attempt to clear the resistance zone around 4,480-4,510, but hardly successful so far.
The 200-day EMA at 4,420-4,430 will be the interim support area for now, followed by recent lows at 4,320 and 4,286. Next big support comes at 4,161, followed by 4,109 and 3,837.
Nearest resistance is seen at around 4,480-4,510. Once 4,510 is cleared, 4,592-4,610 will be the next hurdle to crack.
Both volume and MACD were up and this looks promising at the moment, especially that the index has managed to hold on its gains above the EMA band. Near-term, the outlook is biased to the upside.
LPKR’s entry price has been filled. The reco is now an open trade.
Day Ahead
As BI delivered no rate surprise on Thursday and that the US and Europe had a rather mixed session, the week may end in a neutral tone. JCI is seen neutral again on Friday.
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