The euro, which has softened 0.8% since President Emmanuel Macron called the election on June 9, rose to a more-than-two-week high of $1.076175

The euro reached a two-week high during Asian hours on Monday, after the first round of France’s snap election put the far-right in lead, but offered little clarity on the final outcome, leaving investors bracing for further volatility.

Marine Le Pen’s National Rally (RN) party emerged ahead in the first round, confirming expectations.

One poll showed the RN potentially winning an absolute majority.

The euro, which has softened 0.8% since President Emmanuel Macron called the election on June 9, rose to a more-than-two-week high of $1.076175, as per LSEG data. It was 0.4% higher at $1.075425.

I think it’s a slight ‘well, there were no surprises’, so there was a sense of relief there, according to Fiona Cincotta, senior markets analyst at City Index.

She said: Le Pen had a slightly smaller margin than some of the polls had pointed to, which may have helped the euro a little bit higher on the open.

Shares in three heavyweight lenders – Societe Generale, BNP Paribas and Credit Agricole – have declined between 9% and 14%, leading losses of around 7% in the Paris CAC 40 stock index.

Analysts expect little meaningful recovery in France’s bonds.

European stocks were set for a much higher open, with Eurostoxx 50 futures climbing 1.18%, while French OAT bond futures added 0.22% during Asian hours.

We struggle to see a material and sustainable snap back, according to Peter Goves, head of developed market debt sovereign research at MFS Investment Management.

Markets had calmed after the initial turmoil that followed the election announcement, as the National Rally party toned down some of its more radical plans and said it would respect European Union’s fiscal rules that require France to cut its deficit, but they took another hit on Friday.