Value of Czech crown spikes in November

The Czech crown has been making its biggest gains in 12 years, rising in value during November from CZK 27.18 per euro to CZK 26.16. The daily Idnes.cz says the four percent jump is the highest monthly increase since June 2008, citing analysis from Stepan Hajek of Purple Trading. He said that the stabilizing economic situation was behind the crown's current strength, adding that the optimistic predictions by pharmaceutical companies about the success in vaccine development was of special significance. "The markets have undergone the biggest rotation from safe assets to riskier ones and one of the biggest winners is the Czech crown," said Hajek. The currency did even better against the dollar, rising 6.2 percent in value during November to CZK 21.95. It's the biggest jump in value since September 2010. By contrast, the Polish zloty strengthened 2.5 percent, while Hungary's forint rose just 1.2 percent in value during November.