The euro spiked higher in the wake of the French election results, but the surge didn't last long.
The euro climbed to $1.1022, its highest level in six months and its first break above $1.10 since the U.S. presidential election.
But the single currency quickly retraced gains, trading at around $1.0961 at 8:21 a.m. HK/SIN, not far from levels on Friday, although it was still stronger than the under $1.09 where it traded on Thursday.
The initial spike may have faded as the result didn't surprise markets much.
The French presidential election concluded on Sunday with centrist Emmanuel Macron defeating far-right candidate Marine Le Pen, as was widely expected, although his margin of victory at around 65 percent of the vote to Le Pen's around 35 percent was slightly higher than expected.
However, the publication of documents apparently hacked from Macron's campaign, released at the eleventh-hour before the French "quiet period," or day of media silence ahead of an election, preventing the candidate from responding, may have spurred market uncertainty over whether his poll lead was secure.
Matt Simpson, senior market analyst at ThinkMarkets, said in a note on Monday that Macron's victory was largely already priced in by markets.
"Whilst the initial response was clearly in favor of Macron's victory with the euro gapping higher, the outcome appears mostly priced in after traders bid the euro for much of last week as opinion polls correctly predicted his victory," Simpson said.
He noted that the euro's jump was not as pronounced as it was after the French presidential election's first round, held on April 23, when the single currency jumped from around $1.07 to over $1.09.
Simpson expected it would take better economic data or signs the European Central Bank was turning less dovish to boost the euro further.