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Free AccessIDR Leads Gains In Asia Despite Below-Forecast GDP Print
Spot USD/IDR sank at the re-open of onshore trade, punched by overnight impact of U.S. presidential race, which pushed offshore yuan to its best levels against the greenback in 28 months. As for USD/IDR, it registered at lows not seen since Jul 15 this morning, before moving away from this trough as data confirmed Indonesia's first recession since the Asian financial crisis.
- The nation released its Q3 GDP figures today. The economy shrank more than expected in Y/Y terms, confirming that Indonesia has entered recession. A Q/Q rebound in GDP could be a reason for some cautious optimism, but it was slower than forecast. Yet, head of the statistics office said that officials are hoping for a continued improvement in Q4 owing to the relaxation of wide-ranging social restrictions.
- Bank Indonesia's Hendersah commented that consecutive trade surplus over the recent months signals that the rupiah has some room for appreciation.
- Spot USD/IDR sits -130 pips at 14,435 as we type. Next support coming up at IDR14,355, which limited losses on Jul 9 & 14. Below there would open the 61.8% retracement of the Jun 8 - Sep 11 rally at IDR14,284. Bulls need a move through the 100-DMA at IDR14,593 to get some reprieve.
- Indonesia's Danareksa Consumer Confidence should be released at some point later this week, before next Monday's print compiled by Bank Indonesia.
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Why MNI
MNI is the leading provider
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