Asian central banks coming up the curve
|Summary
Over the course of this year, emerging Asian central banks have lagged the overall monetary policy tightening trend. Regional central banks have taken a more gradual approach to lifting interest rates relative to the Fed, but especially as it relates to peer central banks in the developing world. With that said, regional Asian central banks are shifting in a more hawkish direction, and we expect Bank Indonesia and Bank of Thailand to come off the sidelines and initiate tightening cycles in the near future. However, despite a more hawkish stance on monetary policy, we doubt central banks can keep pace with the Fed, and we continue to forecast weaker currencies across emerging Asia through the remainder of this year.
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