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Currencies: Euro weakens after German election results

The euro retreated against the dollar on Monday as investors absorbed the outcome of the German general election, which resulted in a win for Chancellor Angela Merkel’s conservative alliance, but with a sharp drop in support.

In addition, the anti-immigrant Alternative for Germany (AfD) party won around 13% of the vote, becoming the first far-right party to win seats in Parliament in more than 50 years.

Read:Merkel wins in Germany, but anti-immigrant party enters parliament with huge gains

“Though the presence of the AfD should not significantly impact German intentions regarding the EU in the immediate future, the rising populism dampened the mood in the euro markets,” said Ipek Ozkardeskaya, senior market analyst at LCG, in a note to clients.

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