Gold Prices Fall Amid Rate Jitters; Copper Steady as China Stimulus Eyed 
Silver Prices Hit Record High as Safe-Haven Demand Surges Amid U.S. Economic Uncertainty 
U.S. Dollar Slips Near Two-Month Low as Markets Await Key Jobs Data and Central Bank Decisions 
Asian Fund Managers Turn More Optimistic on Growth but Curb Equity Return Expectations: BofA Survey 
Asian Stocks Slide as AI Spending Fears and Global Central Bank Decisions Weigh on Markets 
New Zealand Budget Outlook Shows Prolonged Deficits Despite Economic Recovery Hopes 
Trump Orders Blockade of Sanctioned Oil Tankers, Raising Venezuela Tensions and Oil Prices 
Bank of Korea Downplays Liquidity’s Role in Weak Won and Housing Price Surge 
Gold and Silver Surge as Safe Haven Demand Rises on U.S. Economic Uncertainty 
Asian Currencies Slip as Dollar Strengthens; Indian Rupee Rebounds on Intervention Hopes 
Wall Street Futures Slip as Tech Stocks Struggle Ahead of Key US Economic Data 
Australian Consumer Sentiment Slumps in Early December as Inflation Fears Resurface 
The Polish zloty and the Hungarian forint went their separate ways yesterday; the zloty continued to weaken against the euro even while the forint strengthened. The Polish side of the equation is quite clear: both monetary policy and political developments are zloty negative. Today, the NBP will publish the MPC minutes.
They will likely establish that hawks have no critical mass at the moment. As long as Governor Adam Glapinski himself is not supporting a rate hike, such a step is unlikely. On the politics front, the EC replied to the government re-asserting, with clarifications, that its recommendations (concerning rule of law) of 26 July are, indeed, legally valid.
The deadline for Poland to respond is next Saturday, which means that we could return next week to renewed discussion of Article 7 being triggered. No wonder EUR/PLN is under upward pressure. Inflation has recently accelerated.
Still, it is interesting that the market no longer pays much attention to the Hungarian central bank saying that inflation risks are to the downside and that it will continue unconventional monetary easing. These remarks are not weakening HUF any longer.
"Hungary is probably benefitting from additional portfolio inflow simply because investors view Poland as too risky. But fundamentally, we would expect EUR-HUF to gradually rise over the coming quarters," Commerzbank commented in its latest research report.
Meanwhile, FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest
