There is a persistent trend that we are seeing in Asian currencies and it has got to do with more than a view on Fed policy.
Overall, the long-term trend is going to worsen. All indicators are pointing to a possible recession.
The services-oriented sector of the economy is still looking fairly robust, averaging a 3.9 percent increase year-on-year. This is above the trend rate of inflation so that is upward pressure for the retail price index.