The dollar jumped above ¥110 in Tokyo trading on Monday as the euro soared versus other major currencies on a pro-European Union candidate’s lead in Sunday’s first-round vote in the French presidential election.
The euro surged and the yen sank on Monday after the first round of France's presidential election turned out bang in line with opinion polls, easing currency market concerns about another systemic political shock from next month's second round.
Nigeria’s central bank will let the market determine the naira’s rate in a new foreign-exchange window for portfolio investors as the nation struggles to revive its economy amid a dollar shortage. Naira forward contracts and banking stocks rose.
Global banking stocks rallied after it was announced Sunday that centrist Emmanuel Macron will advance in the French election to take on Marine Le Pen, a far-right candidate. Investors rushed into bank stocks, fleeing safe havens like government bonds and gold as interest rates moved higher.
Next trading day's important events
- 11:30 (GMT 3) UK - Public Sector Net Borrowing (Mar)
- 16:00 (GMT 3) US - S&P/Case-Shiller Home Price Indices (YoY) (Feb)
- USDJPY: 110.06
- EURUSD: 1.0861
- S&P 500: 2373.04
- NASDAQ: 5978.60