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What's Next For President Macron

What's Next For President Macron

As noted earlier, following Macron's victory the reaction in key FX crosses and pairs has been very subdued, suggesting today's outcome was no surprise to traders at least in terms of technical positioning. Another reason why "the news may be getting sold" is that as Deutsche Bank and various other sellsiders suggested, another near-term hurdle looms in just a few weeks time with the French parliamentary elections.

Global Stocks Unchanged; US Futures Rise Above 2,100 As Traders Celebrate Memorial Day

Global Stocks Unchanged; US Futures Rise Above 2,100 As Traders Celebrate Memorial Day

With the US closed for Memorial Day and UK markets offline due to a bank holiday, overnight volumes have been weaker than normal on little newsflow. The main story remains the stronger USD following Yellen's hawkish Friday speech, which not only led to the lowest Yuan fixing since February 2011...

 

... but pushed the USDJPY almost as high as 111.50 overnight before paring gains, however it was enough to send the Nikkei 1.4% higher.

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