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Hungarian Prime Minister Viktor Mihály Orbán’s cabinet chief reiterated on Thursday that they cannot accept the European Union’s budget proposal in its present form, as reported by Reuters.

Additional takeaways

“EU budget or recovery fund cannot take effect without Hungarian approval.”

“We have the right to veto.”

“We are open to further negotiations.”

“There will not be an agreement on the EU budget if the present proposal is maintained.”

Market reaction

The EUR/USD pair showed no immediate reaction to these remarks and was last seen losing 0.05% at 1.2110 on a daily basis.