Denmark Central Bank Intervenes to Support Krone Peg Against Euro 
Japan Signals Readiness to Act on Yen as Intervention Speculation Grows 
Asian Stocks Slide as Chip Shares Tumble Ahead of Key U.S. Jobs Report 
Trump Administration Declines USMCA Renewal, Opens Talks on New Trade Changes 
Japan Signals Surprise Yen Intervention Strategy as BOJ Hawkish Stance Puts FX Traders on Alert 
US Jobs Report Preview: June Payroll Growth Seen Slowing as Fed Rate Decision Looms 
Asian Currencies Rise as Dollar Weakens; Yen Holds Steady Amid Japan Intervention Watch 
Wall Street Ends Mixed as Weak Jobs Data Lowers Fed Rate Hike Bets, Chip Stocks Tumble 
Gold Price Surges Above $4,120 as Weak US Jobs Data Lowers Fed Rate Hike Expectations 
Gold Price Holds Above $4,000 as Fed Rate Hike Expectations and U.S. Jobs Data Weigh on Market 
China Services PMI Beats Forecasts as Strong Demand Supports June Growth 
Oil Prices Steady as U.S.-Iran Talks Ease Supply Fears Ahead of Holiday Weekend 
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.
