Common currency gives up revenues as Macron wins French election

Common currency gives up revenues as Macron wins French election

On Monday, the euro drifted away from peaks reached in the Asian session because market participants took profits from its revenues after centrist Emmanuel Macron's win over the far-right Marine Le Pen in France's presidential election.

Macron's defeat of a nationalist nominee who had unveiled here intention to take France out of the European Union brought the long-awaited relief to market participants who had feared another populist shake after the UK’s vote to exit the EU as well as Trump's election to president the previous year.

Macron's margin of win turned to be larger than previously expected. Well, with most votes counted, Macron had garnered approximately 65.5% versus Le Pen's 34.5% - a wider gap than the 20%, suggested by pre-election polls.

The common currency had been on an ascending trend in the days ahead of the election because market participants started positioning for a Macron win.

In early Asia trade the euro grew to $1.1024 versus the greenback, its highest value since November 9. Against the Japanese yen the euro leapt to a one-year high of 124.58 yen.    

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