CEE Exchange Rates Report for November 3rd – 7th

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 week of November 3, 2025 – November 7, 2025, the CEE currencies exhibited heightened volatility against the U.S. dollar, with all four reversing from early-week gains to end the period with negative percentage changes. They all recorded strong appreciations through midweek; November 4^th- 5^th before experiencing sharp depreciations and varying declines toward the end of the week. The Czech koruna (orange) emerged as the strongest performer, peaking near 0.7% midweek before declining to close around -0.1%. The Polish zloty (blue) followed, displaying relatively better midweek performance with modest gains between November 4^th and 5^th while the other currencies were declining, later easing to finish as the second weakest performer at approximately -0.3%. The Romanian leu (purple) showed a similar trajectory, experienced by the other currencies, ending slightly weaker at around -0.19%, ranking as the second strongest at the end of the period observed. The Hungarian forint (green) was the most volatile and ultimately the weakest performer, rebounding strongly early in the week to a secondary high on November 4^th before a sharp reversal left it down by roughly -0.7% by the end of the week.

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 early weeks of November 2025, the CEE currencies showed signs of sight recovery following the previous weeks’ downturn, with all four currencies displaying slight upward adjustments. Overall, the region exhibited gradual strengthening trend, through the pace of recovery varied across currencies. The Czech koruna (CZK) recorded a moderate improvement, briefly appreciating above 0.048, suggesting a recovery from late-October weakness. The Hungarian forint (HUF) followed a similar path, rising toward and briefly surpassing its rolling three-month average at the upper bound of approximately 0.003. The Polish zloty (PLN) maintained a general upward trend, rising above its lower boundary and showing steady appreciation through the start of November. Meanwhile, the Romanian leu (RON) continued to exhibit limited volatility, recording an exchange rate of 0.23 and remaining the weakest performer among the four.

Additional Reading

Currencies steady as markets await cues from central banks

This article discusses how movements in Central and Eastern European (CEE) currencies were influenced by global dollar sentiment in the past week. It explains that the U.S. dollar strengthened mid-week as markets reassessed expectations for additional Federal Reserve rate cuts, putting downward pressure on emerging-market currencies. Despite temporary mid-week gains, all the currencies weakened by the end of the week as the stronger dollar and cautious regional monetary outlook weighed on performance.