Corporate foreign exchange news

Foreign exchange news: Trichet says no to stronger euro

Tuesday, 06 October 2009 08:14:32 GMT

The president of the European Central Bank (ECB) Jean-Claude Trichet has insisted that global economic stability and recovery is not dependent on a weaker dollar and a stronger euro.
Responding to a question on the subject of the euro's appreciation during an interview with Reuters TV, Mr Trichet pointedly stated that a rebalancing of the global economic system does not imply a growing disparity between the world's two most actively traded currencies.
"It does not at all, at all imply a change in the bilateral position of the dollar and the euro, not at all," he commented.
Mr Trichet's comments came ahead of the ECB's monthly policy meeting on Thursday (October 8th), when members are expected to vote to keep interest rates at one per cent, a record low for the supranational central bank.
Speaking to the news agency, he reiterated the vital importance of restoring business and consumer confidence in nursing the global economy back to health.ADNFCR-2522-ID-19394079-ADNFCR
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