* Hungarian central bank decision due at 1300 GMT
* Pakistan shares fall 4%
* Chile and Colombia policy meetings on watch
* Stocks down 0.2%, FX off 0.1%
Dec 19 (Reuters) - Emerging market stocks and currencies were little changed on Tuesday as the rally for risky assets faded following cautious comments from the U.S. Federal Reserve officials, while the Hungarian forint edged up ahead of a central bank meeting.
MSCI's gauge of emerging market stocks slipped 0.2%, while a basket of currencies ticked down 0.1% against the dollar by 0951 GMT.
Investor expectations for U.S. interest rate cuts took a foot backward after Fed officials including Chicago Fed President Austan Goolsbee and Federal Reserve Bank of New York President John Williams remarked rate cuts were not coming any time soon.
The Hungarian forint nudged up 0.4% against the euro, having hit a near two-month low in the previous session, ahead of a crucial central bank meeting due 1300 GMT.
The National Bank of Hungary (NBH) is expected to cut its base rate by 75 basis points (bps) to 10.75%, as per a Reuters poll.
"We're expecting them to cut by 75 bps and that's pretty much consensus across the board," said Nick Rees, FX market analyst at Monex Europe.
"There has been some pushback from Orban (Hungarian Prime Minister) and from the administration there - that would like to see them cutting a bit faster, but this would be very much out of character for the central bank," Rees added.
The Polish zloty and the Czech crown were steady against the euro.
Across Asia, stocks were mixed. Pakistan's benchmark stock index slid 4.0%, hitting its lowest levels in two weeks. Hong Kong shares fell 0.8%, dragged down by property and tech shares.
The Russian rouble firmed slightly to 89.9650, pulling away from its lowest in nearly a week against the dollar and back past the 90 mark on support from capital controls, month-end corporate tax payments and high interest rates.
South Africa's rand rose 0.5% after falling slightly, as data showed the country's composite leading business cycle indicator rose 0.2% month-on-month in October.
In South America, market attention will turn to central bank meetings of Chile and Colombia.
The Chilean central bank is expected to cut its benchmark interest rate by 50 bps to 8.50%, while the Colombian central bank is projected to lower rates by 25 bps to 13.00%, according to a Reuters poll.
A vote in Chile to reject a new constitution on Sunday reduced regulatory uncertainty but does not resolve social discontent or political divisions, rating agencies said on Monday.
In frontier markets, Abdel Fattah al-Sisi swept on Monday to a third term as Egypt's president, while Ethiopia is in talks with the International Monetary Fund (IMF) to borrow around $3.5 billion under a reform programme.
(Reporting by Siddarth S in Bengaluru; Editing by Shweta Agarwal)
