USD/IDR: Rupiah shrugs-off upbeat Indonesian trade data
According to the latest trade data published by the Indonesian Statistics Bureau, the country unexpectedly posted a trade surplus in May after two straight months of trade deficit.
Indonesia reported a trade surplus of $ -2.50 billion vs. $-1.38 billion expected and $-2.50 billion previous. The imports and exports came in at -17.71% and -8.99% respectively vs. -13.90% and -14.70% expectations and -6.80% and -12.90% respective priors.
The median forecast from 11 economists in the poll was for a $1.38 billion trade shortfall last month, compared with a revised $2.44 billion deficit in April which was the widest gap Indonesia has ever seen, the Reuters poll showed last week.
Upbeat trade report had little impact on the Indonesian Rupiah versus the US dollar, keeping the USD/IDR cross mostly unchanged near 14,155 levels. The recovery in the cross from two-month lows stalled at 14,170 before the data release.
USD/IDR: Levels to Watch
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.
