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"...

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 9:30am ET tomorrow...

But there is one market that saw a sizable move (and heavy volume - standard $300 million notional dump into extremely thin markets).