USD/IDR slipped slightly on Wednesday but remained elevated for a third consecutive session, trading near 17,980 in Asian hours. The pair gave back part of its intraday gains as the Indonesian rupiah found modest support after fresh domestic data, although the broader tone still favored the US dollar.
Indonesia’s annual inflation rate rose to 3.34% in June from 3.08% in May, exceeding market expectations of 3.20% and moving closer to the upper end of Bank Indonesia’s 1.5% to 3.5% target band. Core inflation also firmed to 2.76%, while monthly prices increased 0.44%, both coming in above forecasts. The data suggest price pressures remain sticky, even as the economy shows signs of strain elsewhere.
That weakness was evident in manufacturing. The S&P Global Manufacturing PMI fell to 46.9 in June from 50.0 in May, its lowest reading since June 2025 and a clear sign of contraction. It was the second time this year the sector slipped below the 50 threshold, underscoring a softer industrial backdrop for Southeast Asia’s largest economy.
The dollar continued to draw support from risk aversion tied to uncertainty around US-Iran talks in Doha. Market participants remain cautious as mediation efforts proceed unevenly, keeping geopolitical tensions elevated and supporting demand for traditional safe-haven assets.
Attention now shifts to a busy US data calendar. Investors will watch upcoming labor-market and manufacturing releases for clues on the Federal Reserve’s policy path, with the ADP employment report and the ISM Manufacturing PMI due later in the day. Market focus will then turn to Thursday’s Nonfarm Payrolls report, which could shape expectations for the dollar and broader emerging-market currencies, including the rupiah.US President Donald Trump’s cryptocurrency ventures produced more income in 2025 than his real estate and resort holdings, according to his latest financial disclosure. The report, released by the US Office of Government Ethics, shows more than $1.4 billion in crypto-related income over the year, underscoring how quickly digital assets have become a major source of wealth for the president and his family.
The disclosure comes as Trump’s administration continued to support the industry through friendlier regulation, executive actions and a broadly pro-crypto policy stance. That overlap has intensified criticism from ethics watchdogs and political opponents, who argue that the president is benefiting financially from a sector he also helps shape. His family’s ventures gained alongside a sharp rise in crypto markets, which reached record highs during the year.
Memecoins tied to Trump were the largest source of revenue in the filing. About $635 million came from royalty payments linked to a licensing arrangement with Celebration Coins. World Liberty Financial, the family’s decentralized finance platform, was the second-largest contributor, generating about $588 million from token sales. The disclosure also showed $197 million from the sale of an equity stake in a stablecoin venture.
Taken together, the crypto income exceeded the president’s earnings from his traditional businesses by a wide margin. Trump reported more than $290 million from Mar-a-Lago and other golf clubs and resorts, including properties in Florida and elsewhere. That made real estate and hospitality a distant second to digital assets in his 2025 financial results.
Public Citizen, a consumer advocacy group, criticized the filings and urged Congress to respond to what it described as a conflict between Trump’s private gains and his public role. The Trump Organization, by contrast, said the filing demonstrated a high level of transparency. The 927-page report is among the most extensive presidential disclosures ever filed and provides a detailed snapshot of the president’s expanding financial ties to the crypto sector.
