Trichet was hawkish in highlighting that inflation risks remained elevated and monetary policy remains accommodative, but he dropped the key powerful vigilance phrase that Euro bulls had hoped . The result was to depart markets guessing as to whether the bank would increase rates in the short term, with interest rate futures and Euro currency pairs varying on every nuance in his words. Significant, Trichet dodged questions concerning the Euro's torrid appreciation, commenting that volatility in currency markets remains unfavorable to steady economic growth.
For me personally, it is a really wonderful winner, until NFP, Trichet signal bad euro, also that I think, it is dollar favorable. ADP provides good number speculation of NFP (perhaps right now )...I think dollar will be stronger pre-NFP news