The French stock market is up over 7% since Macron won the first round of the French elections. The German stock market just closed at a record high.

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FX and equity market 'hedges' are non-existent as this weekend's "done deal" election of establishment patsy Macron is 100% priced into markets...

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As Bloomberg notes, there’s limited scope for a relief rally in the euro if centrist Emmanuel Macron wins the French presidency this weekend, options market data show. The one-month implied volatility of the euro versus the yen has dropped to 10 percent, from more than 20 percent during the first round of the election. That’s a sign of light positioning and low cost of protection against currency volatility ahead of the vote. The low correlation between options of France’s CAC 40 index and its components paints a similar picture.