USD/IDR: Indonesian Rupiah draws bids, pushes pair below 15,000

• USD/IDR drops below 15,000 for first time in over four weeks. 
• Fed to keep rates low until credible signs of economic recovery do not emerge.
• Indonesia claims the virus curve is flattening, particularly in Jakarta.

The USD/IDR pair is trading below 15,000 for the first time since March 16. 

The Indonesian Rupiah is drawing bids and trading at multi-week highs a day after the US Federal Reserve said that it will keep rates at record lows until it is confident that the economy is clear of the pandemic impacts. 

Indonesia's COVID-19 task force chief Doni Monardo talked about the flattening of the virus curve in Jakarta earlier this week. Since then, however, experts have questioned government claims. 

Meanwhile, recently released data showed Indonesia's money supply (M2) rose by 12.1% year-on-year in March, following a 7.9% rise in February. Most nations increased their money supplies in March to help their respective economies absorb the shock arising from the coronavirus pandemic and the resulting financial market instability. 

Looking forward, the pair may continue to lose altitude on broad-based US dollar weakness. From a technical analysis standpoint, the 50-day average support has been breached and the next major support is now located at 14,420 (March 2 high). The 14-day relative strength index is reporting a bearish bias with a below-50 reading. 

Technical levels