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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: Square_Dealings who wrote (17373)	12/2/2004 11:22:29 AM
From: mishedlo	Read Replies (1) of 116555

Trichet says euro rise unwelcome, intervention a ´weapon´ for central banks Thursday, December 2, 2004 2:27:18 PM afxpress.com Trichet says euro rise unwelcome, intervention a 'weapon' for central banks FRANKFURT (AFX) - European Central Bank president Jean-Claude Trichet repeated that the euro's rise against the dollar is unwelcome and said intervention in foreign exchange markets "is a weapon" that is available to central banks. But Trichet declined to be drawn further on the possibility of the ECB intervening in markets to halt the euro's rise "We consider the recent (euro) moves are unwelcome," he told a news conference after the ECB governing council elected to leave the bank's key interest rate unchanged at 2.0 pct, as expected. Trichet said intervention "is a weapon" that is available to central banks. But he said he never comments on intervention, and added: "verbal discipline is really of the essence" -- perhaps referring to recent comments on intervention by Japanese monetary officials Verbal dicipline - yeah right Mish

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