The single currency gained 0.3 per cent in early trading in Europe to $1.0489. The currency briefly hit a high for the year during morning trading in Asia, rising as much as 0.7 per cent to $1.0528. “Obviously some relief is showing through in the euro now,” said Tony Sycamore, a market analyst at IG Australia.

The euro jumped to a one-month high and stock futures charged ahead on Monday after Germany's conservatives won the national election as expected, with investors awaiting further results to see whether much-needed fiscal reform was likely.

German stocks rose modestly after a solid election victory for the conservative Friedrich Merz left him with a clear path to form a governing coalition. The DAX index recently stood a