French Fries Protip: Don’t Worry About The Second Round, Worry About The First

For all the global hand-wringing about a possible "nightmare" runoff in the French elections pitting Le Pen against Melenchon... (BofAML) ... it would appear that traders are actually more worried about the first round. "Rising premiums for front-end euro puts versus the dollar and the yen reveal traders see the first round of French elections as bearing the greater risk," Bloomberg strategist Vassilis Karamanis wrote this morning, adding that "the spread between one-month and one-week 25