The euro skyrocketed amid the resounding victory of Macron both in the first round of the French elections and in the final one. The euro gained momentum after exit polls had shown Macron won the presidency.

The financial markets shrugged off fears and welcomed the news that Emmanuel Macron was leading in the presidential race. It means Marine Le Pen's crackpot idea of rejecting the euro will remain just an idle talk. However, the joy of Macron victory can not last forever. The single currency began to decline amid fading market optimism. The euro jumped sharply on the back of the positive news about the victory of Emmanuel Macron but then the currency started a downward correction. The single currency spiked to 1.1022 against the US dollar, it is the highest level since November 2016. Meanwhile, investors are voicing concern that Macron’s party is unlikely to secure a victory in the parliamentary election, so the euro is currently losing ground.