Euro hits one-year high vs. yen, tops $1.10 on French election relief

U.S. dollar and Euro notes are seen in this picture illustration

LONDON (Reuters) – The euro topped $1.10 for the first time since the U.S. elections on Sunday and climbed to a one-year high against the safe-haven yen on relief that Emmanuel Macron had beaten the far-right Marine Le Pen to clinch the French presidency.

Early projections showed the market-friendly, pro-EU candidate Macron had been voted in with about 65 percent of the vote, comfortably defeating Le Pen, a nationalist who threatened to take France out of the European Union.

While a victory for Macron had been widely forecast by polls, bookmakers and prediction markets alike, investors nevertheless were relieved that he had won so emphatically.

In early trading in Asia, Europe’s common currency rose about 0.2 percent to hit $1.1023 <EUR=EBS>, its highest since Nov. 9.

The euro also climbed as much as half a percent against the yen — which investors tend to flock to when they perceive high levels of risk — to hit a one-year high of 124.58 yen <EURJPY=EBS>.

The dollar climbed against the Japanese currency as well, hitting a seven-week high of 113.14 yen <JPY=EBS>.

(Reporting by Jemima Kelly; Editing by Angus MacSwan)