Shocking Trichet

Very difficult to find a line in ECB communication process. In his comments to yesterday's decision to leave rates unchanged, Mr Trichet has suggested that ECB might raise rates during next meeting, to fight inflation. As it has been invariably the case in recent past, market perception that euro vs Us dollar interest rates differentials might widen has weakened the dollar and sent oil price close to its recent peaks. Instead of contributing to cool inflation, ECB attitude seems to aggravate the problem.

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