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ECB’s Nowotny Says Euro’s Exchange Rate Not a Major Concern

European Central Bank Governing Council member Ewald Nowotny said the euro’s recent gains against the dollar are not a concern and he doesn’t expect the currency to keep appreciating in the longer term.

“One shouldn’t overvalue short-term fluctuations of exchange rates,” Nowotny, who heads Austria’s central bank, told reporters at a Euromoney conference in Vienna today. “I don’t see a perspective of a longer-term trend, therefore it is from my point of view not a matter of major concern.”