That noise you can hear is the sigh of relief coming from trading floors,

that news that Emmanuel Macron has won decisively in his French presidential battle with Marine Le Pen.

The euro rushed high after the far-right candidate, a proponent of the return to the franc, and the referendum among E.U. membership, had lost.

But the rally quickly reversed.

And French stocks are, if anything, a little lower.

Government bonds are also going nowhere.

What's going on? Well, for once, the market saw this coming.

After the final presidential debate, they threw their weight behind the notion that Macron was the man,

helping French stocks to rally by some 6% in two weeks, to a 9.5-year high,

while the euro on Friday hit its highest point since November.

The gap between French and German bond yields had also contracted.

Investors remain positive that the result clears some big hurdles after the wave for investing in the eurozone.

But for now, it's a classic case of "buy the rumor, sell the fact".

Meanwhile, oil is a little steady around signs that OPEC production cuts could be extended.