An exchange traded fund indexed to France was higher in early U.S. trading Monday after François Hollande defeated Nicolas Sarkozy in a presidential election over the weekend.

Meanwhile, currency ETFs pegged to the euro traded in the red to start the week after Greece voted down the austerity policies of the government.

The iShares MSCI France Index Fund (NYSEArca: EWQ) gained 0.4% in morning trade, while CurrencyShares Euro Trust (NYSEArca: FXE) slipped 0.4%. The euro was trading around the key 1.30 level versus the U.S. dollar.

European ETFs have trended lower in recent weeks on worsening economic data and debt downgrades. The Eurozone debt crisis appears to moving back to the front burner for investors. [Bleak Jobs, Manufacturing Data Knock Europe ETFs]

Analysts on Monday said the election results cloud the outlook for a solution to the European debt crisis and expect the political upheaval to keep the euro weak in currency markets in the near term, Dow Jones Newswires reported.

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