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Euro strength to top finance ministers' meeting Euro rises as finance ministers meet
(about 3 hours later)
France is set to voice concerns about the strength of the euro at a meeting of eurozone finance ministers later. The euro has jumped against the British pound and the Japanese yen.
The move comes as France prepares to voice concerns about the strength of the euro at a meeting of eurozone finance ministers in Brussels.
French Finance Minister Pierre Moscovici is worried that the rising single currency is making the country's goods less competitive.French Finance Minister Pierre Moscovici is worried that the rising single currency is making the country's goods less competitive.
The euro has risen by 6% against a basket of other currencies in the past six months.The euro has risen by 6% against a basket of other currencies in the past six months.
But with other countries also wanting to weaken their exchange rates, there are renewed fears of "currency wars".But with other countries also wanting to weaken their exchange rates, there are renewed fears of "currency wars".
Japan has also moved to force down the value of the yen. Japan has recently moved to force down the value of the yen.
Last week, Mr Moscovici called for the European Central Bank (ECB) to consider setting a target for the single currency - steering it lower when the value got too high. On Monday, the single currency rose 1.1% against the yen to 125.30. Against the pound, it climbed 1% to 85.41p.
Last week, Mr Moscovici called for the European Central Bank (ECB) to consider setting a target for the single currency - steering it lower when the value became too high.
But both Germany and the ECB are against such a move, arguing that the central bank's mandate is to ensure price stability and not to manage currency markets.But both Germany and the ECB are against such a move, arguing that the central bank's mandate is to ensure price stability and not to manage currency markets.
However, ECB President Mario Draghi was widely thought to be trying to talk down the euro at his interest rate press conference last week.However, ECB President Mario Draghi was widely thought to be trying to talk down the euro at his interest rate press conference last week.
"The exchange rate is not a policy target but it is important for growth and price stability," Mr Draghi said in response to a question. "The exchange rate is not a policy target, but it is important for growth and price stability," Mr Draghi said in response to a question.
"We will closely monitor money market developments.""We will closely monitor money market developments."
Daragh Maher, a senior currency strategist at HSBC, told the BBC that France was probably more "twitchy" because numbers were showing its competitiveness to be declining.Daragh Maher, a senior currency strategist at HSBC, told the BBC that France was probably more "twitchy" because numbers were showing its competitiveness to be declining.
Today's Eurogroup meeting - attended by eurozone finance ministers - is the first to be hosted by the Netherlands. Financial aid to Greece and Cyprus is also likely to be discussed.Today's Eurogroup meeting - attended by eurozone finance ministers - is the first to be hosted by the Netherlands. Financial aid to Greece and Cyprus is also likely to be discussed.