The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.By Ilan Solot NEW YORK ( BBH FX Strategy) -- The central banks of India, Turkey, Hungary and Thailand meet in the next two days. We think the greatest chance of a surprise is in Hungary, where the central bank could disappoint near consensus calls for another 50-basis-point hike. We will also be looking closely at the communication by the Indian central bank for clues of how soon rates will start to fall. India, Tuesday, 05:30 GMT: We expect the Reserve Bank of India to keep rates on hold in its meeting Tuesday (repo at 8.50%, reverse repo at 7.50% and reserve ratio at 6.00%). Only a minority of forecasters expect monetary easing. The bank has made a point to communicate that the next move will be a cut, but we don't think it will happen just yet. The economy is decelerating, and inflation has begun to slow down. The RBI intervention along with regulatory measures by the government and an improvement of global risk appetite has increased foreign investor demand for Indian assets, which led to the strong rebound in the rupee. Still, we think that sentiment remains fragile and that front-loading rate cuts will only make the RBI's life harder should it have to step in to defend the INR once again. INR has been one of the outperformers in the emerging-market space year to date, but it was one of the worst performers in 2011. We do not think the underlying fundamentals have shifted that much in 2012, so we remain skeptical that INR outperformance can continue.