Currency exchange rate 'more normal'

The currency exchange rate between the euro and the US dollar has returned to a more "normal rate", it has been suggested.

Christian Noyer, the governor of the Bank of France, told TV5Monde yesterday (June 13th) that the exchange rate had returned to a level that was more beneficial for Europe.

Mr Noyer noted: "A euro which is positioned more normally as it is today facilitates economic activity, exports and Europe's competitiveness."

However, he added that the sharp decline of the euro was "worrisome because it gave an impression of a lack of confidence on the markets", AFP reported.

But he claimed that "this is now over" as the euro began to rise against the dollar again.

This morning trading was up for the European currency with �1 buying $1.218 at 08:15 BST.

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Posted by Chris Barber