*

U.S. CPI data due at 1230 GMT

*

Poland's Q1 GDP at 1.9% y/y, above forecast

*

EM stocks up 0.5%, FX adds 0.4%

By Shashwat Chauhan

May 15 (Reuters) - Most currencies in emerging Europe

traded in a tight range on Wednesday, as caution prevailed ahead

of a crucial U.S. inflation print which could be key in gauging

whether the Federal Reserve could cut interest rates anytime

soon.

Poland's zloty held steady at 4.26 per euro after

data showed Polish inflation stood at 2.4% in April on a

year-on-year basis, unchanged from last month's reading.

Separately, a preliminary estimate showed Poland's GDP rose

to 1.9% year-on-year in the first quarter, against estimates of

1.8% growth as per economists polled by Reuters.

Romania's leu was last trading at 4.97 per euro

after a flash estimate showed the country's economy rose 0.1% on

the year in the first quarter, below market expectations.

Hungary's forint dipped 0.1%, while the Czech

crown edged 0.1% higher, hovering near a 15-week high.

Equity bourses across Central Eastern Europe were mixed,

with stocks in Hungary and Romania up 0.4% each,

respectively, while Polish stocks lost 0.6%.

South Africa's rand edged 0.1% higher against the

dollar ahead of a retail sales reading later in the day, while

shares in Johannesburg rose 0.7%.

As of 0828 GMT, MSCI's gauge for emerging market stocks

gained 0.5%, touching its highest level in over two

years, while an index for currencies added 0.4%.

Focus would remain on U.S. consumer data for the month of

April due later in the day, which could offer clues into when

the Fed could commence its policy easing cycle.

"While we would expect (inflation) to remain too elevated

for the Federal Reserve to feel confident that the time has come

to start cutting interest rates, it would mark a step in the

right direction," Julien Lafargue, chief market strategist at

Barclays Private Bank said.

"We continue to expect gradual, albeit bumpy, disinflation

in the coming months, enough that could allow the Fed to cut

interest rates before the end of the year."

Meanwhile in Asia, Chinese equities ended around 1% lower,

pressured by U.S. President Joe Biden's decision to levy fresh

tariffs on Chinese goods.

HIGHLIGHTS:

** MicroStrategy, Indian companies among additions to MSCI

indexes

** Slovak economy gains momentum, Romania stays on growth

path

** Hungary posts record current account surplus in March

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