A few second tier central bank.....>

EMERGING MARKETS: A few second tier central bank interest rate decisions of note

this week:

- Bank of Israel (Monday): Expected to keep rates unchanged at 0.25%. Following

the surprise rate hike last year, the economy is clearly still re-calibrating,

keeping the board on hold for now.

- Hungary MNB (Tuesday): Base rate and overnight deposit rate expected unchanged

at 0.90% and -0.15% respectively. While bank remains poised to begin tightening

cycle, the first rate hike will depend on "core inflation developments" which

are yet to move materially in the bank's favour.

- Bank of Korea (Thursday): 7-day Repo Rate expected unchanged at 1.75%. The

first meeting of 2019 saw a unanimous board keeping policy unchanged, with

concern around the domestic labour market, China's slowdown and trade/inflation

woes forcing the bank's hand. Little has changed since then, leaving South Korea

expecting weaker growth and inflation throughout 2019.