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HUF On Top as Recovery Funding Gets EU Greenlight

HUNGARY
  • HUF rallying against regional peers early Tuesday, with EUR/HUF well below the 50-dma at 411.94 ahead of the European open and PLN/HUF around 2.1% below the cycle high printed yesterday.
  • The moves follow what looks like a partial conclusion to the Hungary funding saga after the US close yesterday. EU nation states have approved the COVID-19 recovery plan for Budapest (worth circa €5.8bln) with a few conditions (thereby bolstering the rule of law in the country) in return for approval for a multilateral funding deal for Ukraine.
  • However, the approval does not extend to already frozen cohesion funds, of which €6.3bln (of €7.5bln) will remain suspended and still subject to an approval process to be concluded by Wednesday.

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