* South Africa June inflation slows sharply
* Czech June PPI slowest since March 2021
* Israel's Herzog to address Congress
* IMF urges Pakistan to continue policy tightening
July 19 (Reuters) - Most emerging market currencies and stocks touched a near one-week low on Wednesday, with China growth concerns still squeezing risk appetite, while traders assessed South Africa's inflation data a day before the country's central bank rate decision.
The MSCI indexes for both EM currencies and stocks fell 0.3% each.
Data showed South Africa's consumer inflation slowed more than expected in June to 5.4% year on year, falling within the target range of 3%-6% for the first time since April 2022, ahead of an interest rate announcement on Thursday.
The South African rand was down 0.3% against the U.S. dollar.
While a Reuters poll predicted the repo rate to stay unchanged at 8.25%, some analysts have called for a 25-basis-point hike, a potential disappointment which could unsettle the rand.
"The front-end of EM curves is already pricing in significant cuts and the risk premium is low (except for South Africa)," said Guillaume Tresca, senior emerging market strategist at Generali Investments.
The Czech crown slipped 0.2% against the euro after data showed producer prices in the Central and Eastern Europe country continued to ease in June, rising by 1.9% year-on-year, the slowest pace since March 2021.
ING analysts noted the central bank wants to see much more before the first cut and will wait until November to be sure inflation hits the 2% target.
The Russian rouble fell to a near 16-month low against the euro amid lingering geopolitical pressure, unable to take advantage of domestic drivers.
The rouble has been weakening since the Wagner mercenary group's abortive mutiny in June. However, easing domestic demand for foreign currency, upcoming exporters' month-end tax payments and prospects of a rate hike this week could support the rouble.
Traders awaited Russia's June producer prices data later in the day.
Israeli President Isaac Herzog will address the U.S. Congress on Wednesday, completing a visit aimed to reassure that Israel's democracy remains strong despite government attempts to overhaul the country's judicial system.
The shekel was up 0.3% against the greenback.
China has rolled over a $600 million loan to Pakistan following a long-awaited deal with the International Monetary Fund. Separately, the IMF said Pakistan must continue its monetary tightening cycle, barely two weeks before the country's central bank decision.
In preparation for general election by November, Pakistan's ruling coalition will dissolve parliament and hand over the reins to a caretaker government next month, local media reported.
On the equities front, Hong Kong shares slipped 0.3%, with investors waiting for meaningful stimulus as the next catalyst following recent frail economic data. (Reporting by Ankika Biswas in Bengaluru; Editing by Dhanya Ann Thoppil)
