ECB's Weidmann: Wouldn't overinterpret euro appreciation

Jens Weidmann, European Central Bank (ECB) Governing Council member and Bundesbank President, told Boersen Zeitung on Wednesday that he wouldn't overinterpret the euro's appreciation, as reported by Reuters.

"The euro strength reflects the US policy and the joint EU response," Weidmann further argued and added that he doesn't see an immediate need for more fiscal stimulus. 

Commenting on the policy outlook, Weidmann said that rate cuts we possible given the fact that the reversal rate had not yet been reached. 

Market reaction

The EUR/USD pair largely ignored these comments and was last seen gaining 0.35% on the day at 1.1775.