The re-election of the German chancellor over the weekend benefited the common currency of the European on Monday against the world's reserve currency, Bloomberg reports.
The 17-nation currency rose after German voters handed Chancellor Angela Merkel the biggest election win since 1990. The euro has risen 2.6 against the U.S. dollar thus far this year.
"It will be tough to buy the euro strongly on the German elections as it will be some time before we know what kind of coalition we will get," currency strategist Antje Praefcke with Commerzbank in Frankfurt told Reuters on Monday. "Sentiment is cautiously optimistic, dependent on data."
The shared currency pushed ahead roughly 0.1 percent against the greenback during the Monday trading session. Though the euro dropped about 0.4 percent against the Japanese yen on Monday, it is up about 17 percent against its rival thus far this year.
In addition to election results, results of Purchasing Managers' Surveys in Germany, France and the euro zone exceeded projections also were beneficial to the performance of the common currency on Monday, according to Reuters.
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