Quick Look Series: March 15–19 Exchange Rates Analysis
By: The Quinnipiac University Economics Research Team, Nicholas Ciampanelli
Exchange rates of Central and Eastern European currencies experienced a variety of changes throughout the third week of March. These changes resulted in various changes in the value of each currency’s exchange rate, as related to the Euro.
Starting with the Czech Koruna, the currency primarily increased in value throughout the week despite mild jumps in the exchange rate on alternative days. Opening at CZK 26.193, the Koruna’s exchange rate intermittently fell, closing the week at an exchange rate of CZK 26.127. This behavior mirrors that of the previous week, for the currency’s exchange rate continued declining, thereby strengthening the value against the Euro.
Opposing the behavior of the Koruna is the Hungarian Forint’s exchange rate, which increased throughout the past week. After an initial fall from its opening level of HUF 367.63 per Euro, the rate rose throughout the middle of the week before slightly declining to a closing value of HUF 367.94. While there is only a slight difference between these opening and closing exchange rates, the performance illustrates an aggregate weakening of the currency. The rise in the Forint’s exchange rate broke from previous trends and weakened the currency relative to the Euro.
Turning to the Polish Zloty, the currency weakened throughout the past week. Opening at PLN 4.5914 per Euro, the Zloty’s exchange rate progressively increased throughout the majority of the week. On Thursday, March 18th, the Zloty reached its weekly high of PLN 4.6253 before mildly declining on Friday. As the Zloty’s exchange rate reflects trends from the previous week, these patterns illustrate the currency continuously weakening in value.
Lastly, the Romanian Leu’s exchange rate pattern mirrored that of the previous week. Opening the week at RON 4.8845 per Euro, the currency initially climbed to a weekly high of RON 4.8874 on Wednesday, March 17th, until falling and closing the week at RON 4.8853. These changes in the Leu’s exchange rate are also nearly identical to those of the previous week. The Leu’s exchange rate slightly increased over the past week, thereby weakening its value relative to the Euro.