* Euro jumps as high as $1.0940 in Asia, yen slips broadly
* Macron wins first round in French election, far ahead in polls
* French shares to open up 2 pct, S&P 500 futures gain 0.9 pct
* Safe-haven Treasuries, gold fall as risk hedges unwound
* Oil prices inch up after steep losses last week
By Wayne Cole
SYDNEY, April 24 (Reuters) - The euro briefly vaulted to five-month peaks on Monday after the market's favoured candidate won through the first round of the French election, reducing the risk of a Brexit-like shock and sparking a mass unwinding of safe-haven trades.
Spreadbetters pointed to opening gains across European bourses with the French market alone seen up around 2 percent.
E-mini futures for the S&P 500 climbed 0.9 percent in early trade, while yields on 10-year U.S. Treasury notes rose almost 8 basis points to 2.31 percent.
Japan's Nikkei jumped 1.5 percent as the yen retreated, while MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.3 percent.
Shanghai shares, however, fell 1.7 percent after state media signalled Beijing would tolerate more market volatility as regulators clamp down on riskier financing.
In France, Centrist Emmanuel Macron took a big step toward the presidency on Sunday by winning the first round of voting and qualifying for the May 7 runoff alongside far-right leader Marine Le Pen.
The outcome lessens the risk of an anti-establishment shock on the scale of Britain's vote to quit the European Union with Macron widely tipped to win the final vote and keep France in the union.
Opinion polls put Macron ahead by over 20 points, a lead so large that a repeat of the Brexit surprise that spread turmoil in financial markets seemed highly unlikely.
Investors had feared for the single currency's future if one of the far-left candidates had gotten through to fight Le Pen. The euro jumped in relief, and was last up 1.3 percent at $1.0866, having been as far as $1.0940, the highest since early November.
The safe-haven yen slipped across the board with the euro surging 2.4 percent to 119.77 yen while the U.S. dollar gained 1 percent to 110.20 yen. Likewise, gold fell 0.8 percent to $1,273.40 an ounce.
"The rise of the euro and risk appetite rebounding is understandable and this should also see yields in Europe fall, spreads to Bunds tighten and stocks rally," said Tim Riddell, an analyst at Westpac.
"However, such gains are likely to be contained when markets reflect upon the marked shift away from the "establishment" and just how effective the new president may be," he added.
SCEPTICAL ON TAX