CEE Exchange Rates Report for December 1st - 5th

By: Margaret Gachau, The Quinnipiac University Global Economics Research Team

CEE Currencies Index 

Source: Eurostat and own calculations. Exchange rates are inverted to be USD per local currency (i.e., an increase indicates a stronger domestic currency) and then indexed to be 100 at the start of the period.

In the first week of December 2025, percentage changes in Central and Eastern European (CEE) exchange rates extended their late-November downturn, with all currencies remaining in negative percentage changes in exchange rates. Volatility remained elevated, with all four currencies showing brief recoveries following mid-week lows. The Czech koruna (orange) ended the week as the relative outperformer. After reaching a mid-week trough of roughly -1.15 % change in exchange rate, the currency recovered modestly and closed the period at an approximate change of -0.55%. The Hungarian forint (green) followed closely, stabilizing near -0.6% change in exchange rate after posting a weekly low of about -0.95%. The Romanian leu (purple) also saw mid-week weakness, dropping to nearly –0.88% before improving to approximately –0.64% change in exchange rate by week’s end. The Polish zloty (blue) remained the lowest performer despite its strongest point on December 2nd at around –0.45%, it subsequently reversed course and closed the period with an approximate of -0.85%, change in exchange rate.

CEE Currencies Historical Trends 

Source: Eurostat and own calculations. Exchange rates are inverted to be USD per local currency (i.e., an increase indicates a stronger domestic currency. The center line is a rolling three-month average. The upper and lower boundaries are the average plus and average minus one standard deviation, respectively, for the same three-month period.

At the start of December 2025, the Central and Eastern European (CEE) currencies continued the recovery observed in late November, with all four currencies trending upward, and in some cases temporarily exceeding, their respective three-month upper bounds. The Czech koruna (CZK) appreciated steadily through early December, approaching 0.048 before easing slightly though it remained above its rolling three-month average. The Hungarian forint (HUF) demonstrated the strongest momentum, briefly climbing above 0.0031, its highest level in the observed three-month window, and surpassing its upper boundary before undergoing a mild decline. The Polish zloty (PLN) followed similar appreciation path, rising to roughly 0.028, its highest level in the three-month period, aligning with its upper bound before experiencing a mild pullback. The Romanian leu (RON) also strengthened, reaching approximately 0.23 its first return to the three -month rolling average since October.

Additional Reading

Central Europe's Currencies to Back Off Highs in 2026: Reuters Poll

The Reuters poll suggests that Central European currencies may have reached their near-term ceilings after hitting multi-month highs. It also suggests that while potential progress in Ukraine peace negotiations could offer some upside, many analysts view the forint as overvalued given Hungary’s stagnant economic growth and fiscal pressures ahead of the 2026 elections.