|

Hungary: Election seen pivotal for EU trajectory – Danske Bank

Danske Research Team underlines that Sunday’s Hungarian election could be crucial for European Union politics. Challenger Péter Magyar is polling ahead of Viktor Orbán and is campaigning on rebuilding EU and NATO ties and joining the euro area by 2030, though he shares several of Orbán’s core positions on Russia and Ukraine.

Orbán challenge may reshape EU relations

"On Sunday, the election in Hungary will be pivotal for political developments in the European Union in the coming years."

"Prime Minister Viktor Orbán risks losing to Péter Magyar, whose Tisza party is polling at 48% compared with Orbán's Fidesz at 39%."

"Over the years, Orbán has become a contentious figure in Brussels, criticised for weakening the rule of law at home and for impeding EU efforts to sanction Russia after its invasion of Ukraine."

"He has also threatened to block the EU's next seven-year budget for 2028-2035, which affects the EU's funding outlook."

"Péter Magyar, a former Orbán ally, is campaigning on rebuilding trust with the EU and NATO, restoring the rule of law and joining the euro area by 2030."

"However, he does not signal a clear break from Orbán's approach, shares several core positions and is neither seeking an abrupt cut in ties with Russia nor advocating the provision of military aid to Ukraine."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)

Author

FXStreet Insights Team

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

More from FXStreet Insights Team
Share:

Editor's Picks

AUD/USD keeps range near mid-0.7100s as USD bulls await US CPI

AUD/USD steadies near mid-0.7100s in the Asian session on Friday, stalling the previous day's sharp decline to an over one-week low. The August PPI report reaffirmed Fed rate-hike bets and boosted the US Dollar on Thursday, which weighed heavily on the pair. However, hawkish RBA expectations limited losses for the Aussie as USD bulls now await the release of the US consumer inflation figures before placing fresh bets.

USD/JPY holds lower ground toward 154.00; looks to US CPI

USD/JPY holds lower ground toward 154.00 in the Asian session on Friday after hot Japanese PPI data bolster a more hawkish BoJ repricing and provide fresh impetus to the Japanese Yen. However, the downside appears capped as the US Dollar preserves overnight gains ahead of the latest US consumer inflation data.

Gold: Gains remain capped by $4,400

Gold regains composure and trades with decent gains on Friday, managing to refocus attention on the $4,440 mark per ounce troy. Therefore, the precious metal reverses Thursday’s decline as the US Dollar alternates gains with losses at the end of the week.

Ripple Price Forecast: XRP extends decline as returning ETF inflows fail to lift outlook
Ripple (XRP) falls below $1.33 on Friday, marking the third consecutive day of declines. The token continues to track the broader cryptocurrency market downturn, with investors closely monitoring heightened macroeconomic uncertainty ahead of the United States (US) Consumer Price Index (CPI) release and next week’s Federal Reserve (Fed) monetary policy decision.
Weekly focus – The hawks set the tone
Risky assets came under pressure this week as energy prices kept creeping higher and the ECB surprised the markets with a hawkish tone. The price of Brent crude touched USD 110 per barrel on Thursday night, highest since mid-May, as news emerged that the Yemeni Houthis had reached control of key port cities and islands near the Bab el-Mandeb strait.
Venezuela’s 65-billion-barrel Oil deal could reshape America’s inflation fight
The United States (US) has secured unprecedented access to part of Venezuela’s vast Oil reserves. The timing is particularly significant as the war with Iran is disrupting Middle Eastern supplies, keeping energy prices elevated and reviving concerns about inflation.