Hungary election: A landslide win for Magyar’s Tisza party, ending Orban’s 16-year rule

Dhwani Mehta FXStreet

In a parliamentary election in Hungary on Sunday, Péter Magyar, leader of the nation’s center-right opposition Tisza party, defeated veteran incumbent Prime Minister Viktor Orbán in a landslide victory.

With almost all votes counted, election officials said Magyar’s Tisza party is set to secure two-thirds of seats in parliament, currently winning 138 seats.

That marked the end of Orban's 16-year rule and also Hungary's adversarial role inside the European Union (EU), as per many European leaders.

Market reaction

The Hungarian Forint (HUF) is up over 1.50% in the day against the US Dollar (USD), capitalizing on the election outcome, with the USD/HUF pair miring near four-year lows of 314.58.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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