CEE Exchange Rates Update for January 29 – February 2
By: Thomas Taheny, The Quinnipiac University Economics Research Team
CEE Currencies Index
Source: Eurostat and own calculations. Exchange rates are inverted to be Euro per local currency (i.e., an increase indicates a stronger domestic currency) and then indexed to 100 at the start of the period).
The week of January 26th to February 2nd witnessed various performances of Central European currencies. The Polish zloty (red) performed well, reporting a 1.5% increase against the Euro since the beginning of the week. The Hungarian forint (green) initially decreased until January 29th, when it rebounded to a 0.83% increase by the end of the week. The Romanian leu (yellow) increased by 0.07%, but it experienced no significant changes throughout the week. The Czech koruna (blue) steadily decreased by 0.52%.
CEE Currencies Historical Trends
Source: Eurostat and own calculations. Exchange rates are inverted to be Euro 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.
This week, the Czech koruna (CZK) lost value and remained below its lower bound. The Hungarian forint (HUF) continued to trend downwards at the beginning of the week but rose to meet its lower bound by the end of the week. Similarly, the Romanian leu (RON) had increased above its lower bound. The Polish zloty (PLN) continued to rise above its average point of fluctuation, reaching above its upper bound.