USD/IDR Price News: Indonesian rupiah hits multi-day lows near 14,250 despite strong trade data
|According to the latest trade data published by the Indonesian Statistics Bureau, the country posted a bigger-than-expected trade surplus in May alongside a massive jump in both imports and exports.
Indonesia reported a trade surplus of $2.37 billion vs. $2.30 billion expected and $2.19 billion previous. The imports and exports came in at 68.68% and 58.76% respectively vs. 65% and 57.49% expectations and 29.93% and 51.94% respective priors.
FX implications
USD/IDR sits at fresh three-day highs of 14,247.50 on upbeat Trade Balance data. The cross gains 0.30% on a daily basis.
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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