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FRANCE: Limited Risk-Off Reaction To Gov't Falling, Attention On Macron's Move

FRANCE
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Little reaction to the National Assembly's vote of no-confidence in the French government (with 331 votes versus the 288 required). The fall of the government had largely been anticipated, though moves have largely been risk-off in nature: 

  • OAT futures initially dipped 11 ticks to 126.08 on the vote result, but have since rebounded to trade 126.25 (below session highs)
  • EURUSD is down about 20 pips since the vote began but remains above the 1.05 mark (1.0513); Bund futures ticked to session highs of 136.91 following the result, but still 27 ticks of December's high.
  • Attention turns to President Emmanuel Macron's next move: Reuters reported earlier that according to its sources, Macron was aiming to name a new prime minister swiftly if the incumbent gov't of PM Michel Barnier fell today. 
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Little reaction to the National Assembly's vote of no-confidence in the French government (with 331 votes versus the 288 required). The fall of the government had largely been anticipated, though moves have largely been risk-off in nature: 

  • OAT futures initially dipped 11 ticks to 126.08 on the vote result, but have since rebounded to trade 126.25 (below session highs)
  • EURUSD is down about 20 pips since the vote began but remains above the 1.05 mark (1.0513); Bund futures ticked to session highs of 136.91 following the result, but still 27 ticks of December's high.
  • Attention turns to President Emmanuel Macron's next move: Reuters reported earlier that according to its sources, Macron was aiming to name a new prime minister swiftly if the incumbent gov't of PM Michel Barnier fell today.