January 17, 2018 / 9:41 AM / a year ago

ECB's Nowotny says strengthening euro "not helpful"

European Central Bank (ECB) Governing Council member and OeNB governor Ewald Nowotny addresses a news conference in Vienna, Austria, June 9, 2017. REUTERS/Leonhard Foeger

VIENNA (Reuters) - The euro’s recent strength against the U.S. dollar is ‘not helpful’, European Central Bank policymaker Ewald Nowotny said on Wednesday when asked about the currency’s recent gains.

Speaking to reporters in Vienna, Nowotny added that the ECB had no exchange rate target so it would monitor the developments.

The euro has gained 4 percent against the dollar in the past three months and now trades 4.5 percent above the level used in the ECB’s December macroeconomic projections.

Reporting by Shadia Nasralla; Writing by Balazs Koranyi; Editing by Toby Chopra

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