Trichet did not rule out further cuts in ECB rates but the president of the Bundesbank is trying his best to rule them out.
He says the eurozone economic situation has improved somewhat and that there are signs of hope, He says there is no credit crunch but banks are having trouble with new loans while setting the stage for the ECB to exit non-standard measures when bank lending improves.
EUR/USD is condolidating gains, trading now at 1.3410. 1.3380 id providing support on dips near-term.
