Euro Spikes After Bundesbank's Weidmann Says It's Not Overvalued

Bundesbank President Jens Weidmann just weighed in on the euro exchange rate during a speech in Germany, in which he said that the currency is not seriously overvalued.

Following his comments, the euro jumped 50 pips against the U.S. dollar from a level around 1.3375 to around 1.3425.

Right now, the EUR/USD exchange rate is up 0.4 percent on the session:

Weidmann also said that currency devaluation hasn't historically helped economic competitiveness, and that if many countries try to depress their currencies at the same time, those efforts can only end in failure.

The jump isn't huge, but it highlights the market's ongoing sensitivity to the continued trickle of opinions on the euro exchange rate, especially those from central bankers in the currency bloc.