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.
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