The euro nudged higher on Monday after Germany's opposition conservatives won the national election as expected, while the dollar trod water amid worries over the growth outlook for the U.S economy. Friedrich Merz was set to become Germany's next chancellor after his party emerged victorious in Sunday's election,

Germany faces its second change of leader in less than four years after the head of the center-right opposition won Sunday’s election.

Wall Street struggled for traction on Monday, ending mixed after slumping last week, while German election results buoyed German shares and Europe's single currency as investors waited for midweek results from artificial intelligence chip leader Nvidia.

Merz expressed concern over changing relations with Washington under the Trump administration, emphasizing the need for gradual independence from the U.S.