The Euro rallied, stocks are higher, and gold is down as traders celebrate the results of the first round of the French presidential election.
Here’s Greg McKenna’s look at the French election, possible outcomes, and impact on the Euro and global markets.
Risk was back on last night as traders bet that Emmanuel Macro will win the first round of the French Presidential election and US Treasury secretary said tax cuts are coming.
(Video starts at the 25 second mark).
An interesting night of many moving parts which on balance still suggest an unwind of the reflation trade in markets.
Sterling might have been the big mover but global markets are in a state of flux right now.
So much to talk about in markets with a sharp rally in stocks, reversal in gold, even though political tensions remain high.
Donald Trump said the US dollar was too strong igniting a big fall in the US dollar and big moves in forex markets.
Stocks may be sanguine, but the move in gold, the yen, the VIX and bonds suggest traders are a little nervous as geopolitical tensions rise
Moves in oil, gold, USDJPY and the VIX last night suggest uncertainty in markets is increasing
Markets have had a gentler open in Asia today than we could have hoped Friday. But that doesn't mean traders should be complacent.