The euro briefly rose after Greek election results showed parties committed to its debt bailout plan were on course to secure a slim parliamentary majority, keeping the debt-indebted country in the euro zone.
The euro rose to around $1.2730, according to Reuters data in early Australasian trading on Monday, its highest since May 22.
But it pulled back to around $1.2690 by 1948 GMT, as investors were uncertain about what shape a coalition government may take.
Official vote projections from Greece’s interior ministry showed the pro-bailout New Democracy taking 29.5 percent of the vote, with SYRIZA in second place with 27.1 percent. The Socialist PASOK followed in third place with 12.3 percent.
“It’s positive so far for the market, and risk currencies are opening higher,” said Imre Speizer, a senior market strategist at Westpac.
“New Democracy has taken first place ... but we don’t know what the coalition’s going to look like, so we still do have some uncertainties remaining and any gains should be limited.”
Against the yen, the euro rose to 100.45 yen, before edging back to around 100.00 yen.
The dollar rose to around 78.90 yen, compared with 78.65 yen in late trading in New York on Friday,
Currencies considered to be high risk, including the Australian and New Zealand dollars, rose to their highest in more than a month, before trimming gains.
Most other asset markets were yet to open for trading, after shares, commodities and bond markets had climbed on Friday.
Australian share price index futures indicated a higher open to the S&P/ASX 200 index <.AXJO>.