USD/IDR: Rupiah clocks 2-month highs on upbeat Indonesian trade data

The latest trade data published by the Indonesian Statistics Bureau, the country unexpected posted a trade surplus for the second straight month in March.

Key Details (via Reuters):

“Southeast Asia’s largest economy had a surplus of $540 million in March, compared with February’s $330 million surplus and a forecast of $180 million deficit in a Reuters poll.

Exports fell 10.01 percent from a year earlier to $14.03 billion in March. This was against an 11.82 percent drop expected in the poll.

Imports dropped 6.76 percent to $13.49 billion, compared to the poll’s forecast of a 3.76 percent decline.”

Upbeat trade report drove the Indonesian Rupiah to fresh two-month tops versus the US dollar, knocking-off the USD/IDR cross to 14,062.50. At the press time, the pair trades at 14,067.50 levels.

It’s worth noting that the Rupiah could gain further heading into the general elections due this Wednesday, April 17th, with the technical set up turning in favour of the USD/IDR bears.

USD/IDR Technical Analysis: Break of 50-day SMA highlights 23.6% Fibo. surrounding 14,055

Key Levels