13.04.202600:28:52UTC+00Forint Jumps as Orban Concedes Defeat

The Hungarian forint strengthened more than 1% to around 315 per dollar, its highest level since February 2022, after Prime Minister Viktor Orbán conceded defeat in the weekend election. The victory of the pro-European opposition is expected to unblock billions of euros in European Union funds, including roughly €17 billion in grants and additional low-interest loans earmarked for defense spending. Peter Magyar’s Tisza party is on course to secure a two-thirds parliamentary majority, giving it the power to quickly enact legislation and dismantle much of the system Orbán built over his 16 years in office. Hungary’s access to EU financing had been partially frozen amid rule-of-law concerns under Orbán’s government, while Tisza has pledged to reinvigorate efforts to join the euro area. However, further gains in the forint may be limited by ongoing tensions between the United States and Iran, after weekend talks in Islamabad ended without an agreement.