Mexico's central bank will likely cut its benchmark interest rate by 50 basis points later this week, taking it to 9.50%, a Reuters poll showed on Wednesday, as inflation cools and the economy notched a slight contraction late last year.

The European Central Bank is widely expected to cut interest rates for the fifth time since it began easing monetary policy.

Kenya’s central bank cut the benchmark interest rate for the fourth time in a row as inflation sits comfortably at the lower end of its target band.