Investors signalled relief at Emmanuel Macron’s victory over Marine Le Pen in France’s presidential elections. The euro rallied against the dollar as pro-EU voters rallied in Paris. But after the celebrations lie challenges as Mr Macron, who promised to make the country’s rigid labour laws more flexible, faces strong opposition from France’s deeply entrenched unions.  

French prime minister Edouard Philippe said the government would be holding “intense consultations” in the summer, to achieve reforms in the coming months. Mr Macron’s ambitious approach suggests he is confident his party, La Republique en Marche, will perform well in mid-June’s legislative elections. 

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Mujtaba Rahman, Europe managing director at political risk firm Eurasia Group, said: “Brussels and Berlin will be judging Macron’s performance on the basis of the labour-market reforms.”