Outside of the ECB meeting,........>

EMERGING MARKETS: Outside of the ECB meeting, decisions are also due from:

Tuesday:

-National Bank of Hungary: Benchmark rate seen unchanged at 0.90%. After policy

tweak in June, NBH to wait until September to re-assess policy.

-Central Bank of Nigeria: Benchmark rate seen unchanged at 13.5%. After cutting

rates for first time in 3 years in March, CBN now in wait-and-see mode.

Thursday:

-Central Bank of Turkey: 200bps cut exp. to the one-week repo rate to 22.0%.

First decision under new Governor Uysal, seen toeing the line of government and

cutting rates.

Friday:

-Central Bank of Russia: 25bps cut exp. to key rate to 7.25%. After stemming

runaway inflation earlier in the year, seen returning to easing bias in an

attempt to trim cost of credit, which remains acutely high in real terms.

-Central Bank of Colombia: Overnight lending rate seen unchanged at 4.25%.

Growth is firming and stronger COP keeps bank on the sidelines for now.