It has been a little below that lately. As for the latter, the latest Brexit news momentarily uplifted the British Pound earlier last week which weighed against USD. As expected , this central bank took a more hawkish approach compared to the Bank of Indonesia which brings us to what is in store for these currencies ahead. Originally Posted by BeginnerJoe.
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KMF - Comorian franc Africa. MUR - Mauritian rupee Africa. MWK - Malawian kwacha Africa. RWF - Rwandan franc Africa. SCR - Seychellois rupee Africa. Bangko Sentral ng Pilipinas , much like Indonesia, also raised interest rates but by a more aggressive 50 basis points from 4. As expected , this central bank took a more hawkish approach compared to the Bank of Indonesia which brings us to what is in store for these currencies ahead.
Philippine CPI is due this week and inflation is expected to clock in at 6. High oil and rice prices, coupled alongside the depreciating Philippine Peso , have helped contribute to this. As a result, the BSP said that a tighter stance will put CPI back to target over the medium term and that it is ready to take further policy action if necessary.
Do note that they see inflation peaking in Q3 as it returns to 4. Should the nation still face rising inflation pressures, we may see the central bank taking a more aggressive stance which may bolster the Philippine Peso which is showing signs of appreciating versus USD. Meanwhile, looking at the chart below might explain the less aggressive policy approach from the Bank of Indonesia. Despite the remarkable depreciation in IDR prices, both headline and core inflation rates have remained largely subdued in Indonesia.
Economists are predicting that the headline CPI rate will fall to 3. Thus if the US Dollar continues its appreciation course, the Indonesian Rupiah may face further weakness. But do keep in mind that both of these central banks are fighting to support their currencies which means losses could be limited.
In regards to this aspect, next week we will receive the latest foreign exchange reserves from Indonesia and the Philippines. This will show us how intensely these central banks are taking it into their own hands to curb depreciation.