It's not just the Fed, BoE and.....>

EMERGING MARKETS: It's not just the Fed, BoE and BoJ decisions this week. Also

due:

-Brazil BCB (Weds). SELIC rate exp unch at 6.5%. Focus on statement and whether

bank acknowledge recent economic weakness, which could lead to greater chance of

August/September rate cut. 2020 inflation forecasts will be watched.

-Taiwan CBC (Thurs). Benchmark rate exp unch at 1.375%. Rates seen unchanged,

with CB focused on FX intervention. Rate cuts could come in H2 if trade

uncertainty persists.

-Philippines BSP (Thurs). O/N rate 25bps cut expected to 4.25%. Easing cycle

fully underway. Close call this week after cutting rates last month, but will

remain data dependent.

-Bank Indonesia (Thurs). 7-day reverse repo rate exp unch at 6.0%. CB chief

stated he sees room for a rate cut, but other liquidity tools preferred at

present.

-Colombia BCC (Fri). O/N rate exp unch at 4.25%. Weak Q1 growth data make easing

more likely, but this week seen as too soon with inflation seen stable.