Submitted by John Griffing
Most Americans believe that we have a reasonably fair justice system with scholarly judges at the helm. Well, how about a federal judge who suspends the Constitution, confiscates all of a litigant’s assets, orders him not to hire defense counsel, and pronounces his orders enforceable by death?
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.
Emmanuel Macron has won the presidency of France, and markets can heave a sigh of relief. The key question for traders is what comes next.
As Bloomberg's Cameron Crise notes, markets have cheered Macron’s victory not for who he is, but rather because of who he is not. That is a fairly slender thread on which to hang a case for a secular reversal in the euro.
Much has been said about Emmanuel Macron ascending to the French presidency at the tender age of 39, making him the youngest French president in history.
And while many would say that a more notable feature of the upcoming Macron administration is that he has never before held elected office and that his political movement En Marche! was set up barely a year ago (he served as a former government adviser and economy minister in the disastrous Hollande administration), below is a chart showing the various ages of French presidents since Louis-Napoleon Bonaparte, courtesy of AFP.
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