A few central bank decisions of....>

EMERGING MARKETS: A few central bank decisions of note this week outside of the

RBA:

- National Bank of Poland (Weds, usually around 1300BST/0800ET): Rates expected

unchanged at 1.50%. Despite a motion being raised to cut rates at the September

meeting, policy is expected unchanged. Recent MPC comments support this, with

Zyzynski most recently stating he's "ruling out a rate cut now". With growth

still firm and inflation at multi-year highs, MPC members have made it clear

that policy changes are unlikely without either a positive or negative economic

shock.

- Reserve Bank of India (Friday, 0715BST/0215ET): 25bps cut expected to both

repo and reverse repo rates. The majority of analysts see a 25bps cut, but some

see cuts of as much as 40bps this Friday. Slipping core inflation numbers give

the bank ample justification to trim rates. They are also seen cutting growth

forecasts for 2020 - the depth of these downgrades could signal further policy

accommodation beyond this month and will be a focus for markets beyond the

initial decision.