Trichet: Rates not at the lowest level but are appropiate

Trichet is keeping the door slightly ajar for further rate cuts from 1.0% but implies that rates are not likely headed lower.

The purchases of covered bonds will likely be about EUR 60 bln, though details are left to be worked out on the technicalities. Compared to the $1 trln plus from the Fed and GBP 125 bln from the BOE, this is a relatively trivial amount.

EUR/USD is softening on the remarks.