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, settling currency market worries of another systemic political shock from next month's second round.
Measures of expected volatility of the euro - driven to their highest in a year by nerves ahead of the vote - collapsed back to relatively normal levels around 8.5 %, pointing to a fall in concern over anti-EU, anti-euro nationalist Marine Le Pen's chances next month.
The euro itself rose by as much as 2 % after the initial indications from voting gave victory to centrist frontrunner Emmanuel Macron, as predicted by weeks of polling.
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