Gold Prices Slide as Treasury Yields Surge, Fed Minutes in Focus 
Asian Currencies Rise as Dollar Hovers Near Multi-Month Lows 
Asian Currencies Steady as Dollar Weakens After Treasury Bond Buybacks 
US Treasury Doubles Long-Term Bond Buybacks as Yields Surge 
US Dollar Hits Three-Month Low as Treasury Yields Fall 
Trump Says Iran Talks Halted as Strait of Hormuz Dispute Fuels Oil Concerns 
Asian Stocks Slide as Chip Selloff and High Bond Yields Hit Markets 
Oil Prices Rise as Trump Threatens Tougher Iran Economic Measures 
Oil Prices Climb as US-Iran Hormuz Tensions Rattle Markets 
China Set to Hold Benchmark Lending Rates Steady for 15th Month 
UK Wage Growth Holds at 3.5% as Unemployment Rises 
Add as a preferred source on Google
The trend in calendar-adjusted IP levels in CEE countries remains stable so far. Some of the latest dips represent recent month-on-month declines, but these are not sharp enough to raise questions about the trend.
Earlier in the month, we saw stable Polish data even after months of decline in the Polish PMI and GDP data this week is also likely to show a robust 3.8% y/y increase. Hungarian IP data for December record a strong 9.4% y/y increase in headline terms, although falling 0.7% m/m after seasonal and working day adjustments.
However, PMI's have been declining in key countries such as Poland and Turkey for several quarters now and is edging lower in Hungary as well. Whether the data merely reflects geo-political risk perceptions rather than demand conditions is yet to be confirmed.
"We remain vigilant for signs of deceleration based on what we have observed with the German Ifo, but for now, the hard data remain supportive of CEE exchange rates." notes Commerzbank in a research note.
