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View all search resultsGold pushed through US$4,000 an ounce to hit a record on Wednesday, driven by investors seeking safety from mounting economic and geopolitical uncertainty, alongside expectations of further interest rate cuts by the US Federal Reserve.
Bank Indonesia's rate cut this week stunned markets for all the wrong reasons - investors fear the central bank is bowing to pressure from President Prabowo Subianto to juice the economy, compromising its independence and risking a rupiah sell-off.
The Indonesia Stock Exchange (IDX) Composite index fell as much as 3.6 percent to 7,551 points at the open on Monday, as a week of political unrest in Jakarta rattled investor sentiment, before trimming losses to 7,612 within 10 minutes of trade.
The euro struggled to recoup its steep losses on Tuesday as investors sobered up to the fact that terms of the trade deal between the US and the European Union favored the former and hardly lifted the economic outlook of the bloc.
The euro fell on Friday, reversing earlier gains after US President Donald Trump said he would recommend hitting the European Union with 50 percent tariffs from June 1, reigniting investor fears over the impact of duties on the world economy and trade.
The dollar retreated slightly on Tuesday but held most of its gains on lingering optimism over a tariff deal between the United States and China, which tapped the brakes on a trade war between the world's two largest economies.
Indonesia shaved US$4.6 billion off its foreign exchange (forex) reserves in April as the government serviced foreign debts and the central bank intervened in the market to stabilize the rupiah’s exchange rate amid the tariff turmoil.
The dollar was losing ground again on Monday as a meteoric surge in its Taiwanese counterpart spilled over elsewhere, fueling speculation some Asian countries were prepared to engineer revaluations to win US trade concessions.
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