French voters rejected the European Union’s first constitution Sunday.

CIBC World Markets Inc. says that the “non” verdict was largely priced into the markets, so reaction should be limited. The vote isn’t likely to spell the end of EU, the euro currency.

CIBC notes that the margin of victory for the “non” forces was the only real surprise (55% to 45%), and the high turnout (70%) was also somewhat unexpected. Nevertheless, “This result is highly consistent with a majority of opinion polls in the run-up to the referendum and is therefore unlikely to be a major shock for the market,” it suggests.

CIBC says that the verdict will be a small negative for the euro, although it is already down 7% this year. It’s also a small negative for euro bonds, it notes.

“The French rejection of the EU constitution is likely to make the headlines early this week but this was already priced in so the negative impact on euro denominated assets could prove limited on Monday, especially as both the U.S. and the U.K. markets are closed,” CIBC predicts. “Potential EU acceding countries’ currencies look particularly vulnerable though and we could also see temporary weakness in euro bonds, with bond spreads widening within the eurozone (Italy to underperform).”

“That would probably be a good buying opportunity, unless you believe that the French Non could lead to an end of the euro in its current form. No one can realistically assume this, even if a French Non is followed by a Dutch No on Wednesday,” it says.

“Future EU candidates’ assets such as Turkish Lira will be the greatest loser as constitution rejection will make future access a lot more difficult,” CBIC says.

CIBC suggests that recent EU members and potential Eurozone candidates’ assets (the Polish Zloty, for example) will underperform, “as post-referendum EU political uncertainties risk to delay Euro membership.”

By Friday, the EU constitution issue may have been forgotten, CIBC suggests, as markets focus on the U.S. jobs report.