The Euro rallied following the outcome of the first round of the French presidential election. The centrist candidate Macron and far-right candidate Le Pen made it into the second round, and the market is expecting that Macron will not have any problems winning the race.
EUR/USD started the new trading week around 1.09, up 150 pips from the Friday close. During the Asian session, the currency pair retraced some of those gains, but found good support ahead of the 1.08 level. The short-term outlook is now positive, and a rally towards 1.10 is likely.
USD/JPY also benefited from the increased risk appetite and made it to 110.55 overnight. The currency pair came slightly under pressure after the Tokyo open, but support is now seen at 109.50.
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