A euro coin | Philippe Huguen/AFP via Getty Images Euro strengthens as Emmanuel Macron wins French presidential election The outcome of the runoff between Macron and far-right candidate Marine Le Pen had been widely anticipated.

LONDON — The euro rose on the news that centrist candidate Emmanuel Macron had won the French presidential election on Sunday evening.

According to data from Reuters, the euro rose to $1.1023 within the first 30 minutes of projections showing Macron's victory. It was the first time the euro had risen above $1.10 since the day Donald Trump was elected U.S. president in November 2016.

The EU currency closed at 1.099 against the dollar at the end of the trading day on Friday. The outcome of the runoff between Macron and far-right candidate Marine Le Pen had been widely anticipated.

Ahead of the vote, analysts had overwhelmingly warned that a Le Pen victory would have been a nightmare for financial markets and for the single currency, far worse than Brexit or Trump. Exiting the euro was one of the main points on the National Front's agenda, and it could have thrown the EU as a whole into crisis.

"Investors will likely welcome this result, as it eliminates uncertainty regarding France's ongoing membership in the euro," said Dean Turner, an economist at UBS Wealth Management. "However, since markets anticipated this result, they had largely positioned for this outcome, which may cap any gains in the short term."