Euro Surges Past 1.09000 After Centrist Emmanuel Macron Wins French First-round Presidential Election

The euro jumped sharply to a five-month high versus its American counterpart on Monday, spurred strongly by the result of French first-round presidential election.

The single currency shortly jumped above 1.09000 – the highest level since November 11th, 2016 before retreating to trade as high as 1.08600 against the dollar, still rising nearly 1.25 percent compared to the open price. The rally came after after centrist Emmanuel Macron and far-right nationalist Marine Le Pen won the first round of the French presidential election, easing concerns that only anti-European Union candidates would be in the final runoff on May 7.

According to results from the Interior Ministry based on 97.4 percent of votes counted which were released early Monday, Macron led with 23.8 percent in Sunday’s election, followed by National Front leader Le Pen who had 21.5 percent. A poll on Sunday suggested Macron would defeat Le Pen by more than 20 percentage points in the second round.

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