(1/2) Outside of Norway, the UK,...>

EMERGING MARKETS: (1/2) Outside of Norway, the UK, US and Switzerland, a number

of key emerging market central banks hold rate decisions this week:

-Morocco BKAM (Tues) Benchmark rate likely unchanged at 2.25% as domestic CPI

remains negative.

-Thailand BoT (Weds) Benchmark rate exp. unchanged at 1.75% as CPI sub-1% and

high real rates keeps tighter policy off the table, but cut unlikely following

25bps rise in November.

-Iceland Sedlabanki (Weds) 7day Repo rate likely unchanged at 4.50% as 25bps

hike at end-2018 and bounce back in GDP give little reason to move.

-Brazil BCB (Weds) SELIC rate exp. unchanged at 6.50%. First meeting under new

CB head Neto and will come under pressure from weak domestic data, potentially

flattening the rate path.

-Taiwan CBC (Thurs) Benchmark discount rate exp. unchanged at 1.375%. Hasn't

shifted policy since mid-2016 and largely inline CPI gives little reason to do

so.