EU trade commissioner warms up his jaw muscle

EU trade commissioner Karel De Gught told reporters the euro is too high and that it would be better at $1.20.

“$1.40 does not reflect the state of our economy,” he said. “It’s up to the ECB to decide what role it wants to play, but if the euro came down it would be better for our exports.”

The euro kicked a few pips lower on the comment but is back at 1.3860. Tight range in EUR/USD today.