By: The Quinnipiac University Economics Research Team, Kyle Del Balso
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 be 100 at the start of the period.
Central European currencies ended mixed relative to the Euro over the April 27 – May 11th time period. The Hungarian Forint and the Romanian Leu both strengthened. The Czech currency also strengthened in the beginning of the period but ended the period weaker. Down a little more than half a percent, the Polish Zloty was the only CEE currency that never appreciated.
The Forint and Leu weakened at first but ended the period gaining approximately 1.5% and a half a percent in value, respectively. The Koruna experienced the highest depreciation of all currencies, weakening by approximately 1.5%
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.
The Forint and Leu ended the period less than one standard deviation below their three month average, while also experiencing an increase in their values. The Koruna and Zloty finished the two weeks with a weakening in its currencies and fell more than one standard deviation below their respective three month averages.
As each country develops methods to reopen their economies, it will be interesting to watch the relative movement in the exchange rates.