The euro dipped on Monday after German Chancellor Angela Merkel won a fourth term with a smaller share of the vote and probably would face difficulties in forming a new coalition.
The single currency slipped 0.2 percent to $1.1933, pulling back from a 2-1/2-year peak of $1.2092 touched on Sept. 8.
The dollar index was up 0.1 percent at 92.257. The greenback rose 0.2 percent to 112.260 yen.
The pound increased 0.3 percent to $1.3544 after falling 0.6 percent on Friday.