Yen Soft as Fears Abate After French Elections

The Japanese yen was soft today after the outcome of the French Presidential elections eased fears on markets. While the currency traded above the Monday’s opening, it was still far below the Friday’s close.

Uncertainty about the outcome of the French elections has been one of the reasons for risk aversion on markets. A nightmare scenario would be two euro-skeptic candidates going to the second round of elections. With that outcome averted, investors became more relaxed and felt less need for safe haven assets, including the yen.

USD/JPY closed at 108.99 on Friday, opened at 110.51 on Monday, and traded at about 110.07 as of 14:29 GMT. EUR/JPY was down from 120.49 to 119.57 today after closing at 116.99 on Friday.

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