Forint Extends Rally as Hungary’s Next Leader Sets Out EU Goals

Hungary’s forint surged to a four-year high and local stocks jumped to a record after Prime Minister Viktor Orban’s election defeat. The opposition’s landslide victory is buoying markets on the expectation that the result will help unlock European Union aid and revive the economy.

The forint appreciated 2.9% to 363.84 per euro as of 4:46 p.m. in Budapest, the strongest level since 2022, strengthening further after election winner Peter Magyar told reporters in Budapest that it was in Hungary’s interest to join the euro currency area.