In a transceiver, a transmitter circuit is provided substantially the same common-mode voltage regardless of whether the transceiver is in a transmitting or receiving mode. In one embodiment, the transmitter circuit includes a driver circuit which, in the transmission mode of the transceiver, drives an output differential signal, and which, in the receiving mode of the transceiver, provides a termination circuit for an input differential signal. A variable resistor is provided to connect between a supply voltage and the driver circuit, the resistance of the variable resistor is selected such that the common-mode voltage of the output differential signal of the transmission mode substantially equals the common-mode voltage in the input differential signal of the receiving mode.