Thursday, April 12, 2018

Effective Exchange Rate Indexes: March 2018 Update

The NEER and REER page has been updated, as has the Google Docs version.

Summary

A late CPI release by Taiwan caused this update to be late, as well as an update to the trade weights, based on export-import data for 4Q17.

On contrast to the last few months, the Ringgit was largely stable for March 2018, though still tending to the upside.The nominal broad index was up 6.42% yoy, but just 0.05% on the month (REER: 6.23%, 0.06%). The picture for the sub-indexes was equally mixed, with the nominal broad index down –0.14% compared to February, but with the real index up 0.06%.

Still, gains were broad-based, with the Ringgit up against 11 currencies and down against just 4. The biggest gain was against the AUD (+1.52% mom), building further on gains since the middle of last year. The biggest decline was against the JPY (-1.58%), though this was after rising 5 out of the last 6 months.

01_indexes

Changelog:

  1. Indexes have been updated to March 2018
  2. CPI deflators and forecasts have been updated for Feburary/March 2018
  3. Trade weights were updated to December 2017. This required revisions to all the indexes from Jan-17 onwards

5 comments:

  1. http://www.mas.gov.sg/News-and-Publications/Speeches-and-Monetary-Policy-Statements/Monetary-Policy-Statements/2018/MAS-Monetary-Policy-Statement-13Apr18.aspx

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  2. Hishamh,
    Can you write an article on HKMA policy?
    TQ

    ReplyDelete
    Replies
    1. @anon

      I'm much less familiar with HK. They use a currency board system, which apparently has some technical differences with straightforward pegs. If I have time, I'll try and research it.

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