USD/IDR drops back below 13,700 on upbeat Indonesian Trade data
|According to the latest trade data published by the Indonesian Statistics Bureau, the country posted a much smaller-than-expected trade deficit in December.
Indonesia reported a trade deficit of $-0.03 billion vs. $-0.47 billion expected and $-1.33 billion previous. The imports and exports came in at -5.62% and +1.28% respectively vs. -6.3% and -3.03% expectations and -9.24% and -5.67% respective priors.
The median forecast from economists was for a $0.47 billion trade deficit last month, the Reuters poll showed last week. Indonesia to post smaller trade deficit in December - Reuters poll
FX Implications
USD/IDR stalls its recovery from 23-month lows on upbeat Indonesian Trade Balance data, sending the rates back below the 13,700 mark. At the press time, USD/IDR pares gains to trade at 13,695, still up +0.24% on the day.
About Indonesia’s Trade Balance
The Trade Balance released by Statistics Indonesia is a balance between exports and imports of total goods and services. A positive value shows trade surplus, while a negative value shows trade deficit. If a steady demand in exchange for Indonesian exports is seen, the Rupiah will receive a positive (or bullish) effect, while a low reading is seen as negative (or bearish).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.