After just over 24 hours since Macron’s French presidential election win, the Euro and European equities are feeling a small hangover following a solid run in the previous two weeks. Early on Monday the Euro traded to a high of 1.1023, but since then it has been on steady decline and now it trades at 1.0921, 0.68% lower. Investors have also sold European equities with the CAC 40 (-0.91%) leading the way (Stoxx Europe -0.41%). Buying the rumour and selling the fact appears to have been a greater force than the elimination of a tail risk. Macron’s challenge to form a government and the National Assembly elections in June could also be a factor weighing on sentiment. All that said, however, after Austria and the Netherlands, Macron’s win means that the EU and the Euro have yet again avoided a potential challenge to their existence.