CEE Exchange Rates Report for January 26th – January 30th

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.

During the final week of January 2026, Central and Eastern Europe (CEE) currencies extended the depreciative percentage change in exchange rate trend observed in the prior week, remaining in negative territory against the U.S. dollar throughout the period. All four currencies recorded net negative percentage changes by week’s end, despite a brief midweek stabilization that temporarily slowed losses across the region. The Hungarian forint (green) exhibited the weakest performance among the group, with its percentage change deteriorating sharply from roughly −0.9% early in the week to around −1.9% by the close. In contrast, the Polish zloty (blue) and Romanian leu (purple) moved largely in near lockstep for most of the week, tracing almost identical trajectories against the dollar. The zloty staged a modest late-week rebound, closing near −1.4%, while the leu followed closely, ending slightly weaker at approximately −1.5%. The Czech koruna broadly mirrored the regional pattern, posting an initial decline, a short-lived midweek consolidation, and a mild recovery toward the end of the week. Despite this late improvement, the koruna still finished the period in negative territory, closing at roughly −1.2%.

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.

During the final week of January 2026, Central and Eastern European (CEE) currencies initially extended the short-lived appreciation observed in the prior week, briefly strengthening against the U.S. dollar and reaching levels not seen over the preceding three months. By the latter part of the week, all currencies reversed course, retracing gains and ending the period weaker, with spot rates converging back toward their respective upper volatility bounds. At the country level, the Czech koruna appreciated to a local peak of approximately 0.050 USD per CZK before reversing and settling just below 0.049 by week’s end. A similar pattern was evident in the Hungarian forint, which climbed above 0.00315 before pulling back sharply toward 0.00312. The Polish zloty advanced to above 0.285 early in the week but subsequently declined to around 0.283, erasing part of its recent gains. The Romanian leu outperformed on a relative basis, reaching highs near 0.236 before also retreating, closing the period near 0.233.

Additional Reading

Stock Market News, Jan. 30, 2026: Silver Plunges, Nasdaq Falls Following Trump Fed Pick 

U.S. financial markets sold off sharply after President Trump nominated former Fed governor Kevin Warsh as the next Federal Reserve chair. Equities declined, led by the Nasdaq, while precious metals suffered steep losses, reflecting expectations of a more hawkish monetary policy stance. In contrast, the U.S. dollar and Treasury yields rose, as investors interpreted Warsh’s inflation-focused track record and support for tighter policy as reducing the likelihood of near-term rate cuts. Overall, the market reaction underscored a reassessment of U.S. monetary policy credibility, with stronger USD performance driven by renewed expectations of policy restraint.