It was off to the ACI UK’s summer party last night. It was an excellent evening. The party was well attended and most of the guests were in good spirits. However, there was a bit of muttering about what had gone on in the earlier trading session, when European Central Bank President Jean-Claude Trichet came out and showed his almost Germanic anti-inflationary credentials. Cue a sudden reversal of the euro and the unwinding of all of Fed chairman jawboning from the day before. He might as well have finished his speech by saying: “Buy euros now, wear diamonds later. How you left Ben?”
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| Trichet replies to Bernanke on the dollar, possibly |