Reuters reports that ECB managing board member Gonzalez-Paramo calls forex volatility bad. Exchange rates can change but not to the point of being volatile, he says.
There was very little attempt by the ECB to talk down the EUR last year as it surged above 1.50, so the early attempt by a high ECB official to talk it down at the 1.36 level is significant. Shows you how much they fear derailing the recovery, in my view.
