Hungary's playing fire with the European Union

17 nov. 2020The pair will fail to break out from an uptrend resistance line, sending the pair lower towards its previous low. Hungary is playing fire with the European Union after the country along with Poland vetoed the EU budget of $2.14 trillion over the next seven (7) years. This was following the EU’s stance that the budget allocation can be altered for countries that it found were violating the EU rule of law. This move could delay the much-needed funds from the block towards the EU member states that are hardly hit by the pandemic. On their most recent reports, some EU member states already showed some weakness amidst the second wave of the pandemic. France’s consumer price index (CPI) MoM and YoY reports both posted zero percents growth. Meanwhile, Italy recorded 0.2% and -0.3%, respectively, on the same reports, showing no signs of improvement from their prior report. The delay in the budget will negatively impact the upcoming reports.