Euro jumps, yen drops as French worries abate

London

THE euro surged and the yen sank on Monday after the first round of France's presidential election turned out 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 per cent, pointing to a fall in concern over anti-EU, anti-euro nationalist Marine Le Pen's chances next month.