Euro Jumps After Trump Adviser Calls Shared Currency 'grossly Undervalued'

By Carla Mozee Markets MarketWatch Pulse

The euro jumped to intraday highs Tuesday after a trade adviser to U.S. President Donald Trump called the shared currency 'grossly undervalued'. The euro leapt to $1.0764 after the head of Trump's recently formed National Trade Council, Peter Navarro, told the Financial Times that Germany is using the currency's low valuation to exploit the U.S. and the European Union. Navarro also told the FT that Germany stands as one of the main hurdles to a trade deal between the U.S. and the EU. The euro late Monday bought $1.0690. the head of Mr Trump's new told the Financial Times the euro was like an "implicit Deutsche Mark" whose low valuation gave Germany an advantage over its main partners. His views suggest the new administration is focusing on currency as part of its hard-charging approach on trade ties.

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