Increasing global risk aversion driven either by Greece or by the US fiscal cliff weighs on CE currencies. The pressure on regional currencies intensified also because of explicit dovish stance of regional central banks. On Wednesday, the NBP joined the dovish camp of regional central banks as it started its easing cycle with a 25 bps rate cut and it indicated more cuts would come in near future. It is worth noting that the Polish zloty lost one and half percent this week. Although today’s regional macro reports could grab some attention (the Czech inflation inched higher to 3.4% y/y in October and the Hungarian industrial output surprisingly managed to grow 0.6% y/y), it will be global environment that will determine the behaviour of CE Forex and fixed-income markets. Moreover, the Czech National Bank will present details of its new inflation report to analyst, which could provide us with a better insight into its thinking about non-standard monetary policy measures.