Europe

Germany official rebuts Trump administration currency claim

Germany's central bank head has rejected a Trump administration official's statement that German companies have benefited from an artificially cheap currency.

Bundesbank head Jens Weidmann said in the text of a speech Tuesday that Germany firms are successful exporters "because they are well positioned in world markets and convince people with innovative products."

Weidmann said that "the accusation that Germany is exploiting the USA and other countries with an undervalued currency is more than mistaken."

Trump trade council head Peter Navarro has said Germany benefits from a "grossly undervalued" euro.

The euro has fallen from $1.40 in 2014 to $1.07. That is at least partly the result of policies by the European Central Bank, which is in charge of monetary policy for euro members, and the U.S Federal Reserve.