(Updated at 0850 GMT)

* Polish economic growth beats forecasts

* Russian rouble continues to weaken

* Thai court dismisses PM Srettha over cabinet appointment

* Foreign investors buy net $7.91 bln of Asian bonds in July

Aug 14 (Reuters) - Most emerging market currencies and stock indexes rose on Wednesday ahead of key U.S. inflation data, with hopes that easing price pressures would prompt bigger interest rate cuts from the Federal Reserve and relieve pressure on risk assets.

Data on Tuesday showed U.S. producer prices rose less than expected in July, lifting hopes that consumer price data, due later in the day, would also show moderating price pressures.

MSCI's index of emerging market stocks and the broader EM currency index advanced 0.6% and 0.4%, respectively. The currency index is at its highest since April 2022.

"Most interesting for international markets is, of course, U.S. inflation," said Jens Magnusson, chief economist at SEB.

"The impression is that the Fed is becoming increasingly satisfied with wage and inflation developments ... we now believe that the Fed will cut interest rates by 100 basis points this year."

As worries increased about an economic slowdown in the U.S. affecting the global economy, markets have upped bets on the chance of a 50-basis-point rate cut from the Federal Reserve at its September meeting, now seeing a nearly 53% chance, according to CME's FedWatch.

Meanwhile, Poland's second-quarter gross domestic product (GDP) rose 3.2% on an annual basis, beating expectations, while inflation accelerated in July to 4.2% year-on-year, and from 2.6% in June.

However, the Polish zloty slipped 0.1% against the euro, as the common currency rose.

Russia's rouble continued its slide, falling to 91.7 per dollar, according to LSEG data, weighed by continuing escalation following Ukraine's biggest attack on the Russian territory since the start of the war.

However, the rouble picked off its lowest levels since October touched on Tuesday.

A stronger euro also weighed on central and eastern European currencies, with Hungary's forint retreating 0.2% after four straight sessions of gains.

Romania's leu was flat versus the euro after a flash GDP estimate for the second quarter came in at 0.8%, well below forecasts.

Israeli stocks gained 1% as trade resumed after a market holiday, despite heightened concerns over an escalating conflict in the region.

Stocks in Prague, Warsaw and Istanbul gained between 0.1% and 0.5%.

In Asia, the Thai baht edged 0.1% higher against the dollar, while the country's main stock index fell nearly 1%. Thailand's Constitutional Court dismissed Prime Minister Srettha Thavisin for appointing to his cabinet a former lawyer who served jail time, raising the spectre of more political upheaval and a reset of the governing alliance.

Data showed overseas investors purchased a net $7.91 billion worth of bonds from emerging Asian markets including Indonesia, India and Malaysia.

HIGHLIGHTS:

** Chinese bonds rise after PBOC-backed media says risk warnings are working

** India's July wholesale prices rise 2.04% year-on-year

** Shunning home markets, South Korean retailers pile-up on US stocks

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For CENTRAL EUROPE market report, see

For TURKISH market report, see

For RUSSIAN market report, see

(Reporting by Lisa Mattackal in Bengaluru; Editing by Sherry Jacob-Phillips)