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Euro jumps to 1-week high as ECB repeats has no FX target

Published 09/10/2020, 09:24 PM
Updated 09/10/2020, 09:30 PM
© Reuters.

LONDON, Sept 10 (Reuters) - The euro jumped to its highest
level in a week on Thursday after the President of the European
Central Bank Christine Lagarde repeated there were no foreign
exchange targets for the common currency despite its recent
gains against the dollar.
"We do not target the exchange rate," Lagarde said during a
news conference, adding that the central bank was however
monitoring the situation.
"Our mandate is price stability, and clearly to the extent
that appreciation of the euro exercises negative pressure on
prices, we have to monitor carefully such a matter," she
explained.
The euro EUR=EBS briefly jumped about 0.8% to $1.1907, a
level not seen since September 2.
Investors earlier speculated that Lagarde might seek to
'talk the euro down' after the common currency surged about 10%
since the end of May to highs unseen since 2018.


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