In the immediate aftermath of the vote, the euro hit a six-month dollar high of $1.1024, but then fell back to $1.0955.

Investors had widely expected pro-EU centrist Mr Macron to beat far right nationalist Marine Le Pen.

He plans changes to tax and the labour market, but there are concerns about whether he can get these implemented.

As an independent, Mr Macron does not have representatives in parliament.

Peter Hensman, global strategist at Newton Investment Management, said: "The challenge going forward is Macron's lack of significant support in parliament.

"He founded his own party, En Marche!, and hence currently has no elected representatives to push through his plans. This means the parliamentary elections scheduled for 11 and 18 June will have significant implications for his future prospects."

Despite the slight fall in the value of the euro on Monday, the currency is still up by about 2.5% since the first round of voting in the presidential election.