The euro surged 0.9 percent to $1.0868 after earlier rising as high as $1.0940, its highest since Nov. 10. The dollar was up 0.9 percent at 110.04 yen, rising above the 110-yen level for the first time in nearly two weeks. Short-covering on election relief lifted the single currency and triggered stop-loss orders, market participants said. Against the yen, it jumped 2.3 percent to 119.66, after touching a one-month high of 120.935. The euro's gains dented the dollar index, which tracks the U.S. currency against a basket of six rivals.
referring to So you would take off your euro shorts, take off your short OAT positions and put your money under the mattress." For Reuters Live Markets blog on European and UK stock markets see reuters://realtime/verb=Open/url=http://emea1.apps.cp.extranet.thomsonreuters.biz/cms/?pageId=livemarkets (Additional reporting by Danilo Masoni, editing by Gareth Jones) The countdown to the French vote, which polls suggest will usher far-right candidate Marine Le Pen into a two-person runoff next month, has seen market measures of implied currency volatility surge week-on-week by the largest extent since the launch of the euro. "All four main contenders are within 4 points, well within the 6 point margin of error in previous elections. The dollar index was down 0.2 percent on Thursday, also falling sharply against sterling and the New Zealand dollar before regaining some poise.
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FOREX-Euro dips with French election in focus; dollar firms
The dollar index, which tracks the U.S. currency against a basket of six major rivals, was up 0.18 percent at 99.954. The euro was down 0.2 percent against the dollar at $1.0693, close to the session's low. "Hedges have appreciated so much in the last week or so that some folks are comfortable taking a little bit off." While the risk of a knee-jerk move one way or the other remained high, the euro was still on pace for its best week in 11 against the dollar. [nU8N1D302M] [nL8N1HS760] "We did see a decent amount of unwinding of some hedges," said Brad Bechtel, managing director FX at Jefferies in New York.
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