The USD/IDR pair has slipped sharply below the crucial support of 14,900 in the Asian session. The asset has witnessed a steep fall amid the release of the bumper Indonesian Retail Sales data. The economic data has expanded by 0.6% against a contraction of 0.6% on an annual basis. Strong retail demand has bolstered inflation expectations, which could force the Bank of Indonesia (BI) to consider more rate hikes.

Meanwhile, S&P500 futures are struggling to find a decisive move as investors have sidelined ahead of the result season of the first quarter of CY2023, portraying a mixed market mood. Technology and banking stocks are expected to underperform amid higher interest rates and the recent banking crisis.