The presidential election last weekend in France went a long way to restoring investors' confidence in the euro. Although it was only the first of two ballots it laid to rest the market's fear that French voters might be faced with a choice between two overtly anti-EU candidates in the run-off on 7 May. Rightly or wrongly investors now assume that Emmanuel Macron will end up in the Élysée Palace and that future of the euro will be assured.

The single currency leapt higher when the Far East opened for business on Monday morning and it has been able to hold onto most of that gain. Against sterling the euro is half a cent higher on the week and it has added one and a half US cents. Among the major currencies the pound took third place, strengthening by an average of 1.2%.