Quick Look Series: March 1–5 Exchange Rates Analysis
By: The Quinnipiac University Economics Research Team, Nicholas Ciampanelli
The exchange rate of Central and Eastern European currencies continuously increased throughout the first week of March, which resulted in weaker values against the Euro. The most significant of these changes occurred in the latter half of the week, with each currency experiencing near-linear changes in its exchange rates.
Starting with the Czech Koruna, the currency began the month at its lowest weekly value: CZK 26.087. The Koruna then consistently rose throughout the week, except for a slight dip in its exchange rate on Wednesday, March 3rd. It ended the week at CZK 26.303 for an increase of CZK 0.216. That was a sizable increase in the exchange rate when compared to previous activity. Additionally, these patterns reflect those in February when the Koruna’s exchange rate sharply rose in the latter half of the month.
Throughout the past week, the Hungarian Forint’s exchange rate followed a pattern similar to that of the Czech Koruna. That is evident from the Forint opening the month at its lowest weekly value: HUF 362.86. The currency then weakened throughout the week, closing at an exchange rate of HUF 366.29 on Friday, March 5th. These movements also reflect those of previous weeks. The Forint’s exchange rate has consistently increased since late January.
Turning to the Polish Zloty, the currency shared a similar pattern to the previous exchange rates. That is evident from the Zloty also having its lowest weekly value at the beginning of the week: PLN 4.5263, then climbing to a high of PLN 4.5748 on Friday, March 5th. Such changes are consistent with the currency’s historical trends. The Zloty’s exchange rate has consistently increased since mid-February.
Lastly, the Romanian Leu’s exchange rate slightly deviated from the trends of the earlier currencies. The Leu increased throughout the first few days. However, it became stagnant at the end of the week and remained constant at an exchange rate of RON 4.8813 on Thursday, March 4th, and Friday, March 5th. Additionally, unlike the previous currencies, this increase in the Leu’s exchange rate deviates from its recent trends, for its exchange rate was declining towards the end of February.