Pro-bailout parties in Greece performed poorly, while Francois Hollande won the French presidency, promising to focus more on growth.
The euro fell as low as $1.295, its lowest since January, later recovering to $1.305.
It also dropped to three-year lows against the pound.
The main European stock markets fell early on before recovering.
In Germany, the Dax fell by more than 2%, but closed up 0.1%.
In Paris, the Cac 40 recovered to trade up by 1.65%.
Athens shares fell by as much as 8.3%. In London, markets were closed for a bank holiday.
In New York, the Dow Jones opened down by 0.3%.
The interest rates on some government debt has also gone up, indicating a fall in investor confidence. The yield in the secondary markets for Greek 10-year bonds has gone up from 20% to 22.2%.
Asian markets also fell, with the Nikkei in Tokyo dropping 2.8%. South Korea's Kospi shed 1.8% and Hong Kong's Hang Seng dropped 2.4%.
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