The euro was trading at 1.3542 against the dollar, up from 1.3527 on Friday. 

 

Chancellor Angela Merkel's conservative party took about 42% of the vote, but finished just short of an absolute majority, official results show.

 

But she might yet have to seek a grand coalition² with the Social Democrats³ (SPD) who won about 26% of the vote.

 

"The result of Germany's election is, first and foremost, a big vote of confidence in Merkel and her handling of the eurozone crisis," said Nicholas Spiro, who runs his own research firm, Spiro Strategy. 

 

"No other leader of a major economy has been able to reap more political dividends⁴ from an international financial and economic crisis."

 

But analysts⁵ are not expecting a major reaction on the financial markets.

 

"If the Union (Merkel's conservative bloc) gets an absolute majority the markets would view as positive the fact that a conservative, business-friendly party can achieve such strength," said Michael Heise, chief economist⁶ at Allianz.

 

"However, I do not expect fireworks on the bourse because the Union did not champion big reforms during the election campaign in the problem areas of weak investment, education and the energy switch to renewables."

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