USD/IDR Price News: Indonesian rupiah drops 30-pips on Q4 GDP miss
- USD/IDR bounces-off lows on below-forecast Indonesia’s Q4 GDP.
- The impact of the coronavirus pandemic continues to hurt the economy.
According to the latest release from Statistics Indonesia, the Indonesian economy contract -0.42% QoQ in Q4 2020 versus +0.70% forecast and +5.05% prior.
On an annualized basis, Indonesia’s GDP rate arrived at -2.19% compared to -2.00% expected and -3.49% seen in the third quarter (Q3) 2020.
About Indonesia’s GDP
The Gross Domestic Product released by the Statistics Indonesia is a measure of the total value of all goods and services produced by Indonesia. The GDP is considered as a broad measure of economic activity and health. Generally speaking, a high reading is seen as positive (or bullish) for the Rupiah, while a negative trend is seen as negative (or bearish).
FX implications
USD/IDR bounced-off lows of 14,020 following the release of the below-forecast Indonesian Q4 GDP data. The spot was last seen trading at 14,045, up 0.25% on the day.
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
