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The Hungarian forint rallied more than 1% to around 315 per dollar, its strongest level since February 2022, after Prime Minister Viktor Orban conceded defeat in the weekend election. The victory of the pro-European opposition is expected to unlock billions of euros in funding from the European Union, including roughly €17 billion in grants alongside low-interest loans for defense spending. Peter Magyar’s Tisza party is on track to secure a two-thirds majority, enabling it to swiftly pass legislation and dismantle the system Orban built over 16 years in power. Hungary’s access to EU funds had been partially frozen due to rule-of-law concerns under Orban’s administration, while Tisza has pledged to advance efforts toward joining the euro area. Meanwhile, the forint’s gains may be capped by the ongoing tensions between the US and Iran after weekend talks in Islamabad failed to produce a deal.
