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.
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