Donald Trump's top trade adviser accused Germany of using a "grossly undervalued" euro to gain a competitive advantage, drawing a rebuff from German Chancellor Angela Merkel and sending the euro to an eight-week high against the greenback.
Peter Navarro, the head of the US president's new National Trade Council, told the Financial Times the euro was like an "implicit Deutsche Mark" whose low valuation gave Germany an edge over the United States and its European Union partners.