Two words - "priced in."
Despite what Hillary Clinton proclaimed "a victory for the world"...
Victory for Macron, for France, the EU, & the world.
Defeat to those interfering w/democracy. (But the media says I can"t talk about that)
— Hillary Clinton (@HillaryClinton) May 7, 2017
Macron"s win in the French presidential election has left capital markets with a whole lot of nothing...
EURUSD managed to run a few stops above 1.10 but went nowhere...
EURJPY (which has been higher beta throughout the turmoil) did vacillate a little but the size of the move is very modest...
S&P futures opened with a spike but are rapidly fading back...to unchanged
But there is one market that saw a sizable move (and heavy volume - standard $300 million notional dump into extremely thin markets).
But that is bouncing back too.
So - all in all, a big anti-climax. But of course with SNB and BOJ buying to come, who knows where we open at 930am ET tomorrow...
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