Trichet is on the wires after a meeting of the BIS in Basel, Switzerland. He says there was no particular discussion of FX rates and that they will stick to what has been said before.Capital flows but not carry trades, were discussed.
There has been a general improvement in financial markets and an end has been put to economic freefall,
A gradual and timely phase-out of stimulus measures is seen at a global level. Global growth is a bit better than previously projected, Trichet said.
Nothing in these remarks to dissuade the reflation trade, which is on fire this morning.
