The forint and the Czech koruna strengthened against the euro and the dollar

By: Trademagazin Date: 2026. 02. 05. 10:07

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January 2026 brought a moderate but noticeable strengthening of Central European currencies against major world currencies. The forint and the Czech koruna both strengthened against the euro and the US dollar, which meant real savings for some companies and profitability pressure for others. In the first weeks of the year, it became clear that companies that had a currency strategy in place were not only able to mitigate risk, but were actually able to improve their financial results.

In January, the forint strengthened by about 0.8% against the euro and by about 1.6% against the US dollar.

A similar trend was observed in the case of the Czech koruna, which also strengthened against both the euro and the USD.
For companies that settle in foreign currencies, this meant a noticeable change in trading conditions at the beginning of the year.

– January showed in practice that currency risk is not only a problem for large companies. Even monthly exchange rate movements can determine whether a contract brings profit or reduces margins. Companies that had a pre-established foreign exchange strategy were able to turn market movements to their advantage,

– said Jacek Jurczyński, CEO of Akcenta CZ.

Stronger regional currencies benefited importers the most

Companies that purchase goods, raw materials or components in euros or dollars were able to reduce their purchasing costs thanks to the strengthening of the forint and the crown. Companies that hedged their exchange rate risk in advance or actively managed their foreign exchange position were able to further improve their liquidity and margins. The strengthening of the forint and the Czech koruna also reduced cost and inflationary pressures through cheaper imports.

In contrast, the appreciation of domestic currencies worsened the situation of exporters. Revenues realized in euros or dollars became lower when converted to forint or koruna, which may have reduced the profitability of foreign contracts. This was felt most by companies that did not have currency hedging and settled at market spot rates. In their case, even minor currency movements could have a significant impact on the final financial result.

What can we expect in the remaining months of 2026?

In the coming months, currency risk is no longer limited exclusively to the forint-euro or koruna-dollar currency pairs. The EU-Mercosur trade agreement and the upcoming EU-India free trade agreement are opening up new markets for companies in the region, including Hungary, the Czech Republic, Slovakia and Poland. This creates opportunities for increased revenue, but settlement in emerging market currencies such as the Brazilian real, the Argentine peso or the Indian rupee can lead to greater exchange rate volatility.

A well-aligned foreign exchange strategy can include continuous monitoring of exposures, the use of forward contracts, diversification of settlement currencies or pricing in more stable currencies. Market movements in January have shown that these tools not only protect revenue, but can also provide a competitive advantage in international trade.