The euro opened higher on Monday while stock futures were volatile as Germany's conservatives won the national election as expected, with investors awaiting further results to see whether much-needed fiscal reform was likely.

Center-right opposition leader Friedrich Merz claimed victory in Germany’s national election on Sunday after exit polls showed his bloc in the lead.

Polls are open across Germany as the world’s third largest economy chooses a new leader to guide it through an era of febrile immigration debates and souring relations with Washington.

The euro opened higher in Asian trade on Monday as Germany's conservatives won its election as expected, with investors awaiting further results to see whether much-needed fiscal reform was likely. The conservative CDU/CSU bloc won 28.