The current Prime Minister Viktor Orban was running for a third straight term and was expected to remain as the leader. The key question was if the leader would have a super majority, which at the time of writing this report with 92% of the vote counted he had won 133 out of the 199 seats.
Last year Hungarian politics become headline news after Orban allowed the population to decide through a referendum if they should let immigrants entering Europe into the country. This was after the European Union said all states had to do so and Angela Merkel welcomed 1 million immigrants into Germany. Orban has always been a strong right wing leader continually pushing that Hungary is for Hungarians. Across Europe there has been an increasing emphasis on Nationalist thinking, but little has changed in the political scene.
However, should countries across the Eurozone believe in Hungary’s defiance of the European Union that sentiment could cause the political scene to change. The current political instability in Italy, Spain and Hungary suggest that the Euro could begin to come under pressure from uncertainty.
In the table below you’ll find high to low GBP/EUR rate movement when exchanging £200,000 to Euros over the last week:
|Currency Pair||% Change||Difference on £200,000|
From a data perspective there isn’t much out for the Euro this week. The first release is on Thursday with the latest Industrial Production figures along with the ECB Policy Meetings Accounts which provides an insight into the Eurozone’s economic performance.
Then finally on Friday the German inflation data will be released and is expected to stay the same at 1.5% from the month before.
As the main economy within the Eurozone this release can have a major effect on the currency markets. Therefore, if you do have an upcoming requirement make sure you’re in contact with your broker for any movements at the end of the week.
For more information on how future data releases could affect your currency requirement, call our trading floor on 01494 725 353 or email me at firstname.lastname@example.org.
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