Oct 24 (Reuters) – Most equities and currencies inched up on Tuesday as the greenback and U.S. treasury yields eased after a recent surge, while investors awaited an interest rate decision by the Hungarian central bank.

MSCI’s basket of emerging market currencies .MIEM00000CUS added 0.2% as the dollar retreated, mirroring a dip in U.S. treasury yields ahead of a slew of economic data due later in the week that could determine the outlook for monetary policy in the United States. USD/

Equities .MSCIEF also gained 0.2% by 0904 GMT, snapping a four-day losing streak.

However, Chris Turner, global head of markets and regional head of research for UK & CEE at ING, said unless sharply weaker U.S. data starts coming in, it is hard to see the long end of treasury yields coming a lot lower.

EM stocks had dropped to near 11 month lows in the previous session, while investors stayed clear of currencies amid concerns about U.S. interest rates, China’s ailing property sector and geopolitical uncertainties.

In eastern and central Europe, Hungary’s forint EURHUF= inched up 0.2% against the euro to a two-month high ahead of a central bank policy rate decision due at 1200 GMT. Most economists polled by Reuters expect a 50 basis point rate cut.

“If the Hungarian central bank decides to cut interest rates more than expected, this could trigger a sell-off in the currency, which has weakened markedly since the series of interest rate cuts began,” Grzegorz Drozdz, market analyst at Conotoxia, said.

Drozdz expects a 100 basis point cut.

A poll showed economists expect Turkey’s central bank to deliver another hefty rate hike of 500 basis points later in the week, as it continues to tighten policy against rising inflation. The lira TRYTOM=D4 traded a nudge over 28 to the dollar.

The Russian rouble RUBUTSTN=MCX strengthened to a six-week high past 94 to the dollar, supported by higher oil prices and increased foreign currency sales by exporters as a month-end tax period approached.

Elsewhere, World Bank President Ajay Banga said that geopolitical tensions pose the biggest threat to the world economy, but that risks “tend to move around” fast, so others should not be ignored.

Meanwhile, Argentinian 2046 dollar bonds extended previous session declines, falling more than 5 cents on the dollar, as per Marketaxess.

(Reporting by Johann M Cherian in Bengaluru; Editing by David Holmes)