Asian shares rose Monday after Emmanuel Macron, a centrist would-be reformer and supporter of the European Union, won the French presidential election.
The euro, shared by France and 18 other countries, was trading at $1.0966. It had edged up 0.1 percent to $1.1013 in late Sunday trading in Europe. The dollar was trading at 112.81 yen, up slightly from 112.59 yen late Friday in Asia.
While Macron’s win had been widely anticipated, the election had cast a long shadow over the continent as the defeated candidate, the far-right Marine Le Pen, had wanted France to exit the 28-nation EU, with potentially catastrophic consequences for the region and its euro currency.
Analysts said the strong jobs data in the U.S., released at the end of the last week, were adding to the cheery sentiments in Asia. Attention was turning to other regional economic indicators, including trade data on China, they said.
“A sense of normalcy has returned to the Forex desks this morning as the final round of the French elections had the expected outcome,” said Stephen Innes, senior trader at OANDA.
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