The euro traded near a 28-month low on Monday, and analysts forecast its decline could continue, after a last-dash vote in Greece failed to secure a new president for the country.
A snap general election was called for January following the result, which could potentially jeopardize this year's economic progress, as well as delicate negotiations with the country's "troika" of international loan brokers.
The currency fell to $1.2165 in early trading—the nadir for the single currency since European Central Bank President Mario Draghi pledged to do "whatever it takes" to save the euro zone in July 2012. It recovered a little following the results of the Greek vote, but remained subdued at $1.2180, below a key resistance level of $1.2300.