The Euro reaches new heights in Asia as the French election outcome is released

Euro reaches heights

The euro on in Asia after an expected turn out and welcome outcome for the elections in France that led to a runoff between centrist Emmanuel Macron and far-right leader Marine Le Pen.

The EUR/USD jumped 1.33% to 1.0871 this was after hitting a five-month high overnight on the French election outcome with Macron expected to win the election on May 7 after the defeat rivals offered him support. USD/JPY was up by 0.78% and was at 109.95, while the AUD/USD gained 0.16% to 0.7555

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.05% to 99.66.

In the week ahead, political developments in France ahead of the May 7 second round of the presidential polls will set the tone from the euro ahead of the Thursday’s European Central Bank meeting and Friday’s euro zone inflation data.

Investors will also focus preliminary estimates of the first quarter growth from the UK and the U.S. on Friday.

Last week, the dollar fell against the yen and the Swiss franc late Friday as investors moved into safe haven assets ahead on the records of the first round of the voting polls in the head to head French presidential election race.

Investors are also doubtful over the idea of a second round run-off between Melenchon and Marine Le Pen, who both has plans to put the country’s European Union membership to a Vote.

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