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French finance minister says euro possibly 'too strong'

AFP

French Finance Minister Pierre Moscovici said Sunday that he believed the euro was possibly too strong, after it surged on foreign exchange markets last week.

"The euro is stable, the euro is strong, perhaps too strong in some regards," Moscovici told France 2 television, after the euro soared above $1.36 on Friday.

The resurgent currency hit its highest level against the dollar since mid-November 2011, lifted by renewed optimism about the eurozone and a key jobs report that showed reassuring US jobs data.

The euro also extended its rally in Asia and briefly fetched 126.97 yen, its highest level since the end of April 2010.

The French government is worried the currency's strength could dampen exports.