Asked by a European Parliamentary committee how long the ECB was prepared to buy bonds, Trichet said the program would last only for a certain time but would not be more specific. He continues to insist that the program is not inflationary as the ECB is absorbing all the liquidity created by the bond purchases.
EUR/USD is drifting lower in its range as equities lose some steam. The S&P 500 is up 0.7%, up 8 points on the day but 6 points off earlier highs. It trades at 1.2375.
