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EURHUF Gains Accelerate Following Reports That Hungary Violated EU Law

HUF
  • EURHUF gains have accelerated following reports that the European Commission is launching an infringement procedure against Hungary for violating EU law on the defense of sovereignty. The cross now through the 388.00 handle and up 1% on the week, though still some way off the pre-NBH highs at 390.49. A break of this level is needed to strengthen the bullish theme.
  • Legislation approved by the Hungarian parliament in mid-December empowered the state to investigate people and organisations suspected of undermining the country's sovereignty.
  • According to Euronews, the European Commission said that the law "violates" a wide range of fundamental values, such as the principle of democracy, the right to a private life, the protection of personal data, freedom of expression and association, and the right to a fair trial, among others. Hungary has two months to reply to the Commission's objections.
  • Euronews add that the letter of formal notices is the first step under the infringement procedure, which can lead to a lawsuit and daily fines before the European Court of Justice.
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