Trichet Under Siege

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As expected, the Eurozone is stealing the headlines today. European Central Bank President Jean-Claude Trichet has come under fire as he faces a double barrelled war. He has the on-going Greek debt crisis which is threatening to cripple the Eurozone. Whilst on the other hand the ECB is attempting to control price pressures. In the past the ECB has supported lenders with cash stimulus. However, Trichet now feels that it is up to the various nations to plug the overall budget gaps.

There has been speculation in the markets that Greece, whilst receiving a recent bailout package may be facing an inevitable default. This in itself would be detrimental to the euro project. However, it is now being suggested that Greek creditors may be willing to risk a more controlled, planned default to finally resolve the nation’s debt crisis. Essentially, although Greece has received the bailout it so desperately needed, investors remain cautious, especially following yesterday’s downgrade of Portugal.

The euro rallied against the majority of its 16 major counterparts amid what now appears certain, speculation that the ECB will signal a further quarter per cent rate rise later today. The single currency snapped two days of declines in what is currently a very sensitive market environment. Remember, as a Currency Solutions client you have access to a broker who constantly monitors rates on your behalf so feel free to call in for a live update.

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