EU's Almunia voices concern about FX swings, euro

WASHINGTON, April 12 (Reuters) - European Monetary Affairs Commissioner Joaquin Almunia on Saturday voiced concern about currency swings and the euro's broad-based rise against a range of currencies.

"Recent exchange rate moves are an issue of concern. The increased volatility in foreign exchange markets, which has accompanied the financial turmoil, points to the risk of exchange rate overshooting," he said in a statement to the Interational Monetary and Financial Committee.

"The euro's real effective exchange rate is approaching a level where it would clearly no longer be in line with economic fundamentals." (Reporting by Swaha Pattanaik, Editing by Chizu Nomiyama)