 | |  | | [16:19 EUR/USD: Welteke Comments At Odds With Trichet] Boston, January 13: An
interesting subtext is developing, with Welteke and Trichet seemingly not on the
same page in the playbook. Earlier today, Welteke said the effect of the EUR on
exports shouldn"t be overstated (though he is now acknowledging it could hurt
exports). He also says that "we value a strong currency", a fairly benign
comment, but one that is unhelpful if the president of the central bank is
trying to jawbone the currency lower. He sees the global economic recovery as
more important than the currency for the German economy.
Greenspan is on the tape, downplaying the risk of a current account-inspired
dollar crisis and saying the dollar can benignly share the reserve currency role
with the EUR.
EUR/USD continues to run into strong selling above the 1.2780 level. --
Jamie.Coleman@thomson.com |  |  |  |  |
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