ECB Sees No Need for Currency Intervention Now, Nowotny Says

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ECB Governing Council member Ewald Nowotny said there’s no "immediate" need to intervene in currency markets to lower the value of the euro. "The euro-dollar rate is moving in a normal range," Nowotny, who heads Austria’s central bank, told journalists in Vienna today. "We as the ECB therefore have no immediate need to intervene. Let me stress once more: The ECB doesn’t have an exchange-rate target, we have a price-stability target." Euro’s gains vs yen also aren’t dramatic, Nowotny said, adding

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