The following are expected inflation rates and interest rate changes for the respective currencies:

Factor US Australia Malaysia

Currency Dollar Australian Dollar Ringitt

Change in interest rates -5% -3% -2%

Change in inflation rates -7% -4% +3%

Suppose the foreign exchange flows between the US and Australian, and Australia and Malaysia are primarily trade-related, while flows between the US and Malaysia are predominantly financial in nature. Obtain predictions of the 3 exchange rate movements (i.e., predict the appreciation or depreciation of one currency against another).