Don’t bank on a relief rally in the euro area anytime soon.

Markets are underpricing the prospect of Marine Le Pen emerging victorious in the French election as a sea of undecided voters throws into sharp relief pronounced apathy for center-leftist Emmanuel Macron — the front-runner by a whisker — and the backlash against the European Union project.

That’s the conclusion drawn by Charles Gave, founder of Hong-Kong based asset-allocation consultancy GaveKal Research, who predicted the triumph of Donald Trump in the U.S. election, and is now betting on a win for the anti-euro National Front candidate.

“Le Pen’s momentum is a slow-moving reaction against the men of Davos — as we have seen with Brexit and Trump — but markets don’t want to believe it,” he said by phone before the first round of the French poll on April 23.

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