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Hungary May Unlock EU Funds by Nov, FinMin Raises Deficit Target

HUNGARY
  • The FT report that Hungary may unlock about EUR13bln of funding that the EU had blocked over concerns of rule-of-law in Hungary. The newspaper say the funds may be released by the end of the November, citing three officials familiar with the discussions, as part of a bid to secure Orban’s support to increase the EU’s budget and for a new tranche of financial assistance to Ukraine. See the full story here.
  • The forint firmed on the report, with EURHUF seen dipping to as low as 385.83 – where the 50-DMA intersects – though the cross has since recovered from those lows and last deals around the 387 region. The 50-day EMA, at 384.90, was intact.
  • Elsewhere, the Finance Ministry raised the budget deficit target to 5.2% of GDP from 3.9% due to higher defense costs related to Russia’s war in Ukraine and increased energy costs.
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