USD/IDR: Indonesian rupiah sits at weekly lows of 14,575 post-Indonesian Trade data
|According to the latest trade data published by the Indonesian Statistics Bureau, the country posted a bigger-than-expected trade surplus in June.
Indonesia reported a trade surplus of $1.27 billion vs. $1.11 billion expected and $2.09 billion previous. The imports and exports came in at -6.36% and +2.28% respectively vs. -18.70% and -12.26% expectations and -42.2% and -28.95% respective priors.
FX implications
USD/IDR held on to weekly tops at 14,575 on the Trade Balance data release. The cross gains over 1% so far this Wednesday.
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).
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