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Forint Appreciates After Report On Potential Unfreezing Of EU Funds

HUNGARY

The Financial Times reports that "the European Commission is preparing to release billions of euros in EU funds to Hungary currently frozen because of rule of law concerns, in a move that could secure Budapest’s support for an increase to the bloc’s budget and significant financial assistance to Ukraine."

  • Three unidentified officials familiar with the discussions told the newspaper that the Commission could unfreeze around EUR13bn in funding by the end of November. Two of them suggested that the move was "partially informed by the desire to secure Orban’s support for the budget increase."
  • The forint has reacted positively to the report and now sits atop the EMEA pile. EUR/HUF has shed ~0.7% in morning trade, touching its 50-DMA.
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