US Dollar Slides as ECB President Trichet Denies Future Rate Cuts
US dollar pessimism heightened as fresh data hampered the growth outlook for the troubled economy. As market participants sold off risky assets, including forex carry trades, the Swiss franc and Japanese yen gained against the US dollar. Against the European counterparts, the greenback dropped versus the euro as ECB President Trichet’s commentary suggested little chance of a rate cut in the near-term, while the British Pound trailed behind. Conversely, the US dollar picked up against the New Zealand and the Canadian dollar, while the Australian dollar inched up to hold near the 0.9200 level.
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