Macron's "Victory For The World" Sparks $300 Million Panic-Dump In Gold Futures

Two words - "priced in."

Despite what Hillary Clinton proclaimed "a victory for the world"...

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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