How to trade the JPY?
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Euro surges to five-month peak vs. greenback on French election relief
On Monday, the common currency managed to scale five-month peaks against the greenback in early Asia trade after the key candidate swept to victory in the first round of the French presidential election, thus minimizing the risk of an anti-establishment shock of the final round.
A pro-EU ex-banker and ex-economy minister Centrist Emmanuel Macron, arose as the leader of the first round of voting, thus qualifying for a May 7 runoff along with Marine Le Pen, the second finisher, far-right leader.
In next month’s election his victory might make him the frontrunner. Undoubtedly, it marked a shocking defeat for the two center-right as well as center-left groupings, which have dominated French politics for up to 60 years.
The common currency soared 0.9%, hitting $1.0868, having ascended as high as $1.0940, its highest value since November 10. Against the Japanese yen, it grew 2.3% to 119.66, having touched a one-month peak of 120.935.
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