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  • USD/IDR bounces-off four-month lows on downbeat Indonesia’s Q3 GDP.
  • Coronavirus pandemic continues to have a profound impact on the economy.

According to the latest release from Statistics Indonesia, the Indonesian economy rebounded 5.05% QoQ in Q3 2020 versus +5.34% forecast and -4.19% prior.

On an annualized basis, Indonesia’s GDP rate arrived at -3.49% compared to -3.00% expected and -5.32% seen in the second quarter (Q2) 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 four-month lows of 14,375 following the release of the below-forecast Indonesian Q3 GDP data. The spot was last seen trading at 14,420, still down 0.83% on the day.