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Euro is at good level now: French minister
(MENAFN- Arab News) WASHINGTON: French Finance Minister Michel Sapin said that Europeans seek 'stability over the long term' with the euro 'at its current level.'
'If we would like to or we would let known that we would like to let the euro's value fall further we would enter a dangerous zone' he said.
Sapin was speaking to journalists after a meeting of the finance ministers and central bankers of the Group of 20 countries where concerns were expressed about volatility in currency and capital markets.
The G-20 noted in a statement that diverging growth rates and monetary policies in major economies were stirring more uncertainty and sharp swings in markets.
'There are important challenges including volatility in exchange rates and prolonged low inflation sustained internal and external imbalances high public debt and geopolitical tensions' the group said.
The euro moved higher against the dollar late Friday hitting $1.0809 compared with $1.0761 late on Thursday.
According to the Bloomberg Dollar Spot Index which tracks the greenback against 10 other major currencies the dollar dropped 1.6 percent this week. In the year to date the US currency has climbed 4.8 percent after an 11 percent gain in 2014 Bloomberg News said.
'While the move was driven by back-to-back weakness in US data and mixed comments from Federal Reserve officials the dollar had become extremely overbought in a very short period of time and a correction is natural' said Kathy Lien of BK Asset Management.
'Traders needed an excuse to take profits and this week's disappointing consumer spending and housing market reports provided the perfect incentive.'
'If we would like to or we would let known that we would like to let the euro's value fall further we would enter a dangerous zone' he said.
Sapin was speaking to journalists after a meeting of the finance ministers and central bankers of the Group of 20 countries where concerns were expressed about volatility in currency and capital markets.
The G-20 noted in a statement that diverging growth rates and monetary policies in major economies were stirring more uncertainty and sharp swings in markets.
'There are important challenges including volatility in exchange rates and prolonged low inflation sustained internal and external imbalances high public debt and geopolitical tensions' the group said.
The euro moved higher against the dollar late Friday hitting $1.0809 compared with $1.0761 late on Thursday.
According to the Bloomberg Dollar Spot Index which tracks the greenback against 10 other major currencies the dollar dropped 1.6 percent this week. In the year to date the US currency has climbed 4.8 percent after an 11 percent gain in 2014 Bloomberg News said.
'While the move was driven by back-to-back weakness in US data and mixed comments from Federal Reserve officials the dollar had become extremely overbought in a very short period of time and a correction is natural' said Kathy Lien of BK Asset Management.
'Traders needed an excuse to take profits and this week's disappointing consumer spending and housing market reports provided the perfect incentive.'
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