President Emmanuel Macron won a commanding majority in France's parliamentary election on Sunday giving the pro-European Union centrist, a strong platform from which to make good on campaign promises to revive France's fortunes by cleaning up politics and relaxing regulations that investors say shackle the euro zone’s second-biggest economy.
Premarket whisper is that this is mostly priced in, but the scale of the win could be the excuse dealers have been looking for to clear NT options structures tied to the 1.1300 level in EUR/USD.
The US data calendar is sparse this week with little beyond the weekly unemployment claims and oil inventory data.
The most important event will likely be the Russell index reweighing on Friday where Credit Suisse anticipates ~$49b in share turnover from money managers rebalancing portfolios to match the updated index.
As always we’ll be providing updates throughout the week on all the latest news flow and rumor driving asset prices.