Euro exchange rate reflects eurozone economic situation - ECB’s Coeure

European Central Bank (ECB) Executive Board member Benoit Coeure told  French newspaper Le Parisien on Tuesday that the current euro exchange rate is  a valid reflection of the bloc's economic state and not a result of an effort to weaken it.

Coeure noted that ECB does not have an exchange rate target and added that the euro is now at a level appropriate to the European economic situation and serves as a lever of sovereignty. The single currency depreciated nearly 30 percent versus the dollar since the last peak of 2011, he noted.

Coeure's remarks follow accusations from U.S. President Donald Trump's top trade adviser last week of Germany's currency manipulation in which Germany was using a grossly undervalued euro to take advantage of the United States, running up a huge trade surplus.

"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."

ECB governing council member and Bank of France head Villeroy, in response to recent comments by US trade adviser said that the US government should back off from making comments on FX.