RRI.CO.ID, Jakarta - The 10-year US Treasury yield has returned to 5%, while the US Dollar Index has strengthened to around 100. Meanwhile, global oil prices have fallen to around 101 US dollars per barrel, with WTI trading below 100 dollars.
The Jakarta Composite Index, or IHSG, opened higher at 6,446 at the start of the week but later moved into negative territory. If the decline continues, the index could test the 6,400 support level.
The IHSG is diverging from most Asian stock markets, which are trading in positive territory. Market sentiment remains affected by global economic and geopolitical uncertainty.
The Indonesian rupiah weakened to around 17,780 per US dollar. The currency remains under pressure as the US Federal Reserve could still raise interest rates, while geopolitical tensions add to market uncertainty.
Higher inflation is also increasing expectations that US monetary policy could encourage global investors to move funds toward the United States. This could raise borrowing costs and put further pressure on stocks and economic growth.
Meanwhile, global gold prices are moving sideways at around 4,369 US dollars per troy ounce, or about 2.51 million rupiah per gram. Gold prices are consolidating as market sentiment remains cautious at the start of the week.
Writer: Gunawan Benjamin (Economist, UISU)
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