Buba Welteke: Euro undervalued, dollar overvalued

JAPAN- Deutsche Bundesbank President Ernst Welteke said Wednesday that while foreign exchange rates are decided by the market, the euro is undervalued against the dollar.

"Foreign exchange rates aren't a target of the European Central Bank...and are decided by market prices...the euro is undervalued and the dollar is overvalued, " Welteke said in a question and answer session after a speech to the Japanese Bankers Association.

Welteke said that the euro's weakness stemmed from the huge capital