ECB's Coene Says Euro's Strength Nothing To Worry About

The

was steady at $1.3615 at 8:30 GMT on Wednesday morning despite troubling economic data from the bloc's largest economy, Germany. The common currency has been under pressure since the

announced a package of easing measures at its June meeting.

exports fell more than expected in May, surprising analysts and adding to pressure on the ECB to ease further in the coming months. The bloc has been struggling with low inflation and lackluster economic data from its members, but the euro has remained relatively strong. A strong euro makes eurozone exports less competitive in the global marketplace, which could push the region's central bank into trying to devalue the currency. Related Link:

Though the ECB has been adamant that the exchange rate is not a policy aim, Mario Draghi admitted earlier in the year that if the euro did climb too high it would be factored into the bank's decision making. However, on Wednesday

that ECB Governing Council member Luc Coene said the bank should not try to influence the region's exchange rate, pointing out that the common currency was near $1.60 before the financial crisis. Thus, Coene says, the euro's current level of around $1.36 is nothing to worry about. Moving forward, investors are waiting for the Federal Reserve's June policy meeting minutes, due out later on Wednesday. Most are hoping that the minutes will provide some indication of the bank's timeline for an interest rate hike. So far, the Fed has been comfortable with its current position as it slowly tapers its asset buying program. Though the US economy has shown signs of improvement this year, most expect that the bank will wait until the labor market has fully recovered to raise interest rates.