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HUNGARY: Orban Vows to Continue “Peace Mission” Despite Criticism

HUNGARY
  • Speaking on state radio this morning, Prime Minister Orban said he will continue his self-styled “peace mission” despite criticism from the EU after visits to Moscow and Beijing. Newly re-elected European Commission President von der Leyen called Orban’s efforts an “appeasement mission.” In response, Orban called von der Leyen “naive.”
  • There are no major releases scheduled for today, with just economic sentiment data for July scheduled before the NBH rate decision on July 23.
  • While inflation data for June came in below-expectations, the central bank is likely to maintain its cautious stance and keep rates unchanged. Among sell-side, the broad consensus is for rates to be held but the risk of a 25bp cut is acknowledged by most.

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