Little action expected from........>

EMERGING MARKETS: Little action expected from emerging market CBs this week:

- Bank Negara Malaysia (Tues): Overnight Policy Rate exp. unch at 3.25%. BNM

hasn't raised rates for over a year and the January CPI print of -0.7% is

expected to have been enough to keep policymakers on hold for another month.

- Central Bank of the Republic of Turkey (Weds): One-week Repo Rate exp. unch at

24%. Inline February CPI and the proximity to local elections in March justifies

an unchanged decision. Market expects further rate cuts in Q2 this year, but

conviction is lacking.

- NBP Poland (Weds): Base rate exp. unch at 1.5%. NBP members remain confident

rates will remain unchanged through 2019. Recent NBP comments include "fiscal

stimulus does not change my views [...] with a lot of certainty, we can say

[rates] will stay unchanged in 2019".

- National Bank of Serbia (Thurs): Repo rate exp. unch at 3%. With inflation

expected to stay below 3% throughout 2019, NBS likely to keep on hold.

- Central Bank of Peru (Thurs): Reference Rate exp. unch at 2.75%. Inline Q4 GDP

and tame CPI for February to keep rates on hold for now.