JAKARTA (TheInsiderStories) – Good Morning! Chairman of the Federal Reserves, Jerome Powell, will participates the International Monetary Fund and World Bank Spring Meeting panel discussion on the global economy today. In the latest meeting, his office has kept its benchmark rate in a range of zero to 0.25 percent and maintained the bond purchases at a US$120 billion monthly pace.
From the United States (US), Joe Bidden’ administration has disbursed $36 billion stimulus payments to 25 million Americans. It brings a total values of $372 billion has been delivered to 156 million payments from the total amount $1.9 trillion. So far, the pandemic-hammered US economy has been on the rebound, with 916,000 jobs created last month, bringing the jobless rate down to 6 percent.
In Asia, the Reserve Bank of India also left its key interest rates unchanged, despite another rise in inflation last month to over 5 percent and the economy is struggling with a fresh wave of COVID-19. While, Washington warned China over aggressive moves on the Philippines and Taiwan areas.
In Indonesia, the government prepared national shopping day and delivery cost subsidies with total amount Rp500 billion (US$34.48 million) to boost people’ purchasing power. The government estimates with the holiday allowance program and additional salary, the consumption, to reach Rp215 trillion.
Yesterday, Indonesian Rupiah closed up 0.07 percent to 14,495 against the Greenback and the Jakarta Composite Index (JCI) rose 0.56 percent to 6,036.61 compared to previous day. The analysts rated, the financial market was influenced by the foreign exchange reserves data which have been declined.
Bank Indonesia noted that the reserves dropped to $137.1 billion in March from prior month $138.8 billion. Globally, the decline US bonds or treasury bill had an impact on the movement of both instrument. Other issues was the impact of the US economic recovery has more pronounced after the Purchasing Manufacturing Index expanded to 63, the highest increase in recent years.
With these various information, the Rupiah is estimating move in the range 14,470 – 14,500 per US Dollar and the JCI between 5,980 – 6,126. Stocks to be watch are PT Bukit Asam Tbk (IDX: PTBA), PT Aneka Tambang Tbk (IDX: ANTM), PT Adaro Energy Tbk (IDX: ADRO), PT Barito Pacific Tbk (IDX: BRPT), PT Bank Central Asia Tbk (IDX: BBCA), PT Bank Negara Indonesia Tbk (IDX: BBNI), PT Indofood CBP Sukses Makmur Tbk (IDX: ICBP), and PT Unilever Indonesia Tbk (IDX: UNVR).
May you have a profitable Day!
Written by Linda Silaen and Editorial Team, Please Read Our News to Get More information about Indonesia