InvestCEE: Exchange Rate Updates for Week of April 10 – April 14, 2023
By Philip Caldarella, Quinnipiac Global Econ 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.
For the week of April 10 – April 14, 2023, the CEE currencies all increased in value relative to the Euro except the Romanian leu (yellow). The leu weakened 0.10% after a relatively flat week. Despite weakening early in the week, the Hungarian forint (green) finished over 0.40% higher. Polish zloty (red) and the Czech koruna (blue) experienced similar strengthening. They both ended the week 0.55% higher.
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.
For the week of April 10 – April 14, 2023, the Czech koruna (CZK) and the Hungarian forint (HUF) maintained their upward trend moving further above their upper bounds. The koruna and the forint have now hit new three-month highs. The Polish zloty (PLN) has also moved above its upper bound to a three-month high after strengthening this week. The Romanian leu (RON) has fallen back below its lower bound close to its three-month low.
The Czech koruna and the Hungarian forint have continued their upward momentum. They have both recovered from their mid-March lows. The Polish zloty has reached a new three-month high after remaining relatively stagnant since early March. The Romanian leu has sunk close to its three-month low, consistently falling for the past couple of months.