Assume two countries, X and Y, currently have no international business and will not trade between them in the future. However, the country of X has significant capital flows with the Y. Both countries have offered the same interest rates at 8% and experience the same inflation rate at 6%. You forecast that the inflation rate in X will rise to 7% this coming year, while the Y inflation rate will remain at 6%. Meanwhile, you expect Xs' interest rate to rise to 9% during the next year while the U.S. interest rate will remain at 8%. If Xs' currency adjusts in response to market forces and is not subject to direct central bank intervention, will Xs' currency appreciate, depreciate, or remains unchanged against the Y?