Peru's central bank kept borrowing costs unchanged for the fourth consecutive month, a move that reflects solid economic momentum beneath the surface. The story here is the currency strength—a robust sol is doing heavy lifting to keep inflation in check at levels that rank among the lowest across emerging markets. When you've got growth humming along AND price pressures contained, rate-setters can afford to hold steady. It's the kind of macro backdrop that traders across emerging markets are watching closely right now.