Three of the six central banks overseeing the 10 most heavily traded currencies that met in July hiked rates, while the other three kept their benchmarks unchanged, Reuters data showed.
"Chile announced a larger-than-expected rate cut, and is the first emerging market to jump on the easing bandwagon in the current cycle," said Charu Chanana, market strategist at Saxo.
Twelve out of 18 central banks in the Reuters sample of developing economies had interest rate setting meetings in July.
However, nine central banks opted to keep policy unchanged, with rate hikes coming from Turkey and Russia - two countries whose monetary policy circles are determined by domestic dynamics rather than global trends.
On the rate cutting side, emerging market central banks have seen three cuts reducing interest rates by 160 bps in total.
Persons:
Christian Keller, Costa, Charu, Karin Strohecker, Vincent Flasseur, David Evans
Organizations:
LONDON, U.S . Federal Reserve, Bank of Canada, European Central Bank, Fed, ECB, Barclays, Saxo, Thomson
Locations:
Chile, Turkey, Russia, Latin America, Costa Rica, Uruguay