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The euro lives to fight another day.

Buoyed by a relatively as-expected first round vote that will pit Emmanuel Macron against Marine Le Pen for the role of president in the May 7 election – a contest the centrist Mr Macron is now tipped to win – the single currency is up almost right across the board.

Against the dollar, it is up 1.2 per cent at $1.0851, but had gained as much as 2 per cent to a five-month high of $1.0937.

Japan’s yen is the worst performer against the euro, down 2 per cent at ¥‎119.5 per euro, while the British pound is next worst, off 1.3 per cent and buying €1.179.

Faring best against the single currency are the Scandinavian currenices, with Sweden’s krona up 0.4 per cent, the Norwegian krone up 0.1 per cent and the Danish krone up less than 0.1 per cent. All three currencies are also strongest against the US dollar, each with gains of more than 1 per cent versus the greenback.

The dollar index, a measure of the US currency against a basket of global peers, was down 0.8 per cent at 99.136.

Chart courtesy of Bloomberg

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