Just last month, a report by HSBC described the central and eastern European currencies as “rocket-fuelled”, noting that they were rapidly appreciating as the dollar fell.

As the euro stormed to record highs against the dollar in July, the currencies of countries such as Poland, Hungary and the Czech Republic were faring even better. The Polish zloty, the Hungarian forint and the Czech koruna, seen as leveraged bets on the strength of the eurozone, even managed to notch up all-time highs against the rampant euro.