Wall Street declined in early trading, as weekly jobless claims weakened. Weekly Initial Jobless Claims fell 2,000 to 250,000. Meanwhile, investors watched the minutes of the July Fed Meeting Minutes which indicates a less aggressive monetary policy tightening path.
The Energy and Industry Sector rose more than 1%, the JCI rose more than 50 points and closed at 7,186. The strengthening of the JCI contrasted with the depreciation of the Rupiah which was again depressed beyond the psychological level of IDR14,800/ USD. Today, investors are looking forward to the release of Balance of Payment Current Account Balance data for 2Q22 which is projected to have a surplus of +USD4.5Bn (Vs. 1Q22 +USD200Mn). NHKSI Research projects that JCI will move Limited Upside with Support: 7,125-7,110 / 7,080/7,020-7,000 / 6,930 and Resistance: 7.195- 7,220 / 7,260 / 7,300-7,350.
Download full report HERE.