$ up 0.05 € in 24 hours as Trichet abandons war against inflation

The € trades at 1.50xx against the $ where it was trading at 1.55xx just 24 hours ago, before ECB's governor Trichet made a speech where he declared that he was basically done with tightening the rates.

With inflation hitting an almost all time high in July in the Eurozone at 4.1% while the ECB target is 2%, we can say that Trichet not only has failed since inflation is more than 100% higher than the target, but by announcing the end of the tightening, he, in my opinion, abandons war against inflation.

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