Investors Focus on Nonfarm Payrolls

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  • TEMPO.CO, Jakarta - The greenback weakened against most Asian currencies throughout yesterday's trade as investors sold their dollars in anticipation over the US economic recovery slowdown based on unemployment data.

    The US nonfarm payrolls in November, estimated to drop to 213,000, spurred investors to let go of their dollar-based assets. As a result, the rupiah closed 9.2 points (0.07 percent) higher Rp12,271.3 per US dollar.

    Rully Arya Wisnubruto, currency analyst from Bank Mandiri, said that after gaining significantly over the past week, the low nonfarm payroll data gave the greenback a downturn. The negative sentiment is used by investors to profit-take.

    However, Rully believed the greenback depreciation will be brief, as America's relentlessly improving economy will keep the dollar attractive for safekeeping.

    "The US' economic growth in the third quarter stood at 3.9 percent, higher than China's or European countries'; making the dollar more valuable," he said.

    Today rupiah is predicted to remain in the range of Rp12,220 to Rp,12280 per US dollar. Investors are likely to keep their focus on the development of nonfarm payrolls releases.