In asking a question on the dollar, a European reporter reminded Trichet of a quote from Nixon’s Treasury secretary, John Connolly. Connolly is reported to have said that the dollar is “our currency, but it’s your problem”. Trichet dismissed the analogy, but that does appear to be the present US attitude on the greenback.
The dollar is seeing some short-covering after surviving a near-death experience by bouncing from support just above 76.00 in the DXY.
Update: Trichet, when asked if the euro should be used to settle commodities deals, Trichet repeated that he has not and will not campaign for the international use of the euro. Thus endith the press conference…
