CURRENCY BOOST
But currencies find an upside in higher interest rates, due to the relative appeal of holding deposits in higher-yielding markets.
The Ukrainian hryvnia, which has already shown some appreciation in recent months due to an improving economy, is singled out by analysts as likely to rise further.
The ruble may also be allowed to rise if Russia has to import grain, although Russian Prime Minister Vladimir Putin has imposed a temporary grain export ban.
"Countries that import food could be more open to allowing their currencies to appreciate in order to cope with higher food prices," said Elisabeth Gruie, emerging market strategist at BNP Paribas. "Eastern European countries such as Poland will be sensitive to the impact on higher food prices on inflation and could react by adjusting monetary policy."
Wheat prices can also lead to higher prices of other food, as consumers switch to buying more rice, for example, putting upward pressure on currencies in the Middle East and Asia.
"Places like Egypt, India, Indonesia and the Philippines are pretty big importers of food," said Philip Poole, head of macro and investment strategy at HSBC Global Asset Management. "Consumers are moving up the food chain in emerging markets, literally, that's putting the pressure on."
~宏浩翻譯引用~
資料來源：http://www.chinapost.com.tw/guidepost/topics/default.asp?id=2212&next=1&sub=18
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