USD/IDR Swings To Weekly Gain, Indonesian GDP Falls 2.19% Y/Y In Q4

Spot USD/IDR has risen 30 pips on the back of overnight USD purchases, erasing losses registered earlier in the week. The rate last changes hands at IDR14,045. Dollar dynamics overshadowed local GDP data, with Q4 GDP printing marginally above forecasts, at least on a Y/Y basis.

• Indonesian economy shrank 2.19% Y/Y (est. -2.30%) & 0.42% Q/Q (est. -0.22%) in Q4, while growth for the entire FY2020 came in at -2.07% Y/Y (est. -2.10%).
• A move through the 50-DMA/Jan 28 high at IDR14,074/14,099 would turn focus to Jan 12 high of IDR14,205. On the downside, a dip through Feb 3/Jan 22 lows of IDR13,998/13,993 would bring Jan 4 cycle low of IDR13,865 into view.
• Indonesian Econ Affairs Min Hartarto holds a presser on the GDP data at 13:00 local time, while FinMin Indrawati will take part in a discussion at the Jakarta Foreign Correspondents Club at 13:30.
• Looking ahead, Danareksa Consumer Confidence should be released by the end of this week, while Bank Indonesia's own gauge of consumer sentiment is due Monday. Wednesday will see the release of Q4 BoP current account balance.