The Australian dollar's rally after the French vote result quickly sputtered out

Marine Le Pen. Photo by Serge Mouraret/Corbis via Getty Images

The Australian dollar surged in early trade on Monday after the French presidential vote set the stage for a final run-off between centrist Emmanuel Macron and far-right National Front candidate Marine Le Pen.

But the initial rally quickly unwound, despite risk assets surging around the world. The euro was up 1.5%, gold fell 1%, and US stock futures were up around 1%.

The Australian dollar is normally seen as a good proxy for global risk appetite, so this is a notable underperformance. A short time ago, it was up 0.2% against the US dollar — and that was after it had given up all of its early gains.

Here’s the chart, via

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