Macron's victory saw euro spike higher then fade 8 May

The expected victory was duly sealed and the relief gave the euro a spike higher in Asia as the algos did their job.

It didn't last long though with many desks/traders already long and poised and from EURUSD highs of 1.1026, EURJPY 124.56, EURGBP 0.8497 we were soon sliding back to 1.0956, 123.40 and 0.8453.

Don't forget that Macron's fledgling party has no parliamentary presence and may need some sort of coalition if En Marche don't win a few seats in the June 11 and 18th elections. A struggle to govern efficiently over his term of office leaves the door open for Le Pen to launch another attack.

Decent tech support and bids down there though and we're back to 1.0976, 123.76 0.8462.

European desks yet to really make their move but I'd suggest we've found our ranges for the moment. Two-way business to be had but look for acceleration on any break.