Germany benefiting from grossly undervalued currency, US trade adviser says

Germany is benefiting from a "grossly undervalued" currency, a top trade adviser to US president Donald Trump said, according to reports citing the Financial Times.

The remarks, attributed to Peter Navarro, pushed euro/dollar higher by 0.51% to 1.0749, as the US dollar spot index quickly tumbled 0.46% to 99.968.

Analysts from at least one large investment bank had argued in recent days that US dollar strength as a result of mooted increasing fiscal spending in the States risked offsetting any direct positive impacts from higher government outlays.