Similar themes, little price.......>

EMERGING MARKETS: Similar themes, little price action

-Familiar themes for EMFX so far Wednesday, with modestly positive USD putting

the high beta currencies under pressure. As a result, TRY, RUB and KRW are among

the worst performers, with global risk sentiment still the key driver after the

woeful US ISM Manufacturing reading yesterday.

-The Polish central bank rate decision takes focus Wednesday. 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.

-ZAR traders have bought the currency at the opening of the ANC's economic

review, with calls for increased infrastructure spending and economic reforms to

support the economy.