Countering to recent rhetoric from the new Trump administration over exchange rates, Bank of France Governor Francois Villeroy de Galhau said that it is absurd to say the Euro is undervalued.
• Is seeing temporary tensions in French/German spreads
• Bond spreads show the importance of the euro to France
• France has made progress on competitiveness
• The banking system in France is among the most solid in the G7
• Refuses to consider Frexit
Meanwhile, the EUR/USD pair maintained its offered tone for the third consecutive session and is currently trading at multi-day lows near mid-1.0600s.