According to the analysts at BBH, the most market friendly French election result would likely be a Macron-Fillon run-off in the second round, assuming that it is unrealistic than any candidate garners more than 50% of the vote.
“Many suggest that the euro could rally on a Macron-Le Pen second round, given the tradition of forging a united front against the National Front. Yet this would seem to be the least surprising result. Nearly every poll suggests this is the most likely scenario. And as we have noted, investors are relative calm.”