FRANKFURT (Reuters) - Although the euro is almost 30 percent weaker against the dollar than at its peak, this is a valid reflection of the bloc’s economic state and not a result of an effort to weaken it, European Central Bank board member Benoit Coeure told a newspaper.
President Donald Trump's top trade adviser last week claimed that Germany is using a grossly undervalued euro EUR= to take advantage of the United States, running up a huge trade surplus thanks to currency manipulation.
“The ECB has no specific exchange rate target,” French newspaper Le Parisien quoted Coeure as saying on Tuesday. “The euro is now at a level that is appropriate for the economic situation in Europe.”
Reporting by Balazs Koranyi; Editing by Richard Borsuk