Euro group president Jean-Claude Juncker warned financial markets against excessive currency speculation as the euro hit new highs. "The markets should not embark on one-way bets," said Juncker, who is also Luxembourg's prime minister and finance minister. Asked about the lack of action on exchange rates at a recent G7 meeting in Washington, Juncker advised the markets not to interpret the final statement in the wrong way. "I don't think that we can only trust the G7 communique," he said after a cabinet meeting. "There were also exchanges on the sidelines," he said. Despite growing concern in Europe about the euro's strength, finance chiefs from the seven richest countries stuck at their meeting to their long-standing line on exchange rates, saying that excessive volatility was "undesirable".