URGENT ¥¥¥ Euro rise a sign of returning confidence: ECB chief

The recent strong rise in the euro is no real cause for concern, but rather a sign that financial market confidence in the single currency is returning, European Central Bank chief Mario Draghi said Thursday.

"The appreciation is in a sense a sign of return of confidence in the euro," Draghi told a news conference here. "By and large, both the nominal and real effective exchange rates are on ... or about their long term averages," the ECB chief said, adding that "the exchange rate is not a policy target."