Jean-Claude Trichet declares: Will announce unconventional measures early May.

[RTFX-Trading]

At a speech in Tokyo, the European Central Bank President, Jean-Claude Trichet, expressed appreciation for the comments of U.S. officials that a strong dollar is in the interest of the United States. When the euro was launched, it moved to 1.17 against the dollar, it is now close to 1.3000 dollars. Mr. Trichet said that it is not fair to say that the euro is weak in the current situation. He added that the year 2009 would be difficult and it was not until 2010 that we can expect a recovery. The ECB, he said, should balance its policy between the need of immediate action to address the crisis and plans for long-term output. On the long-awaited unconventional measures, the ECB President said that he would announce details in early May. These measures should actively involve banks, without giving details.

Investors have sold the euro following his speech, the EURUSD fell to 1.3066 this morning at 06h24 CET, very close to our target of 1.3051 (refer to RTFX TraderTip). Overall, my feeling is bullish dollar, however, as orders are present at 1.3020-50 and our system of technical analysis has detected a "Low Zone", I would not be surprised to see an increase of the EURUSD from 1.3051, a break of 1.2980 would challenge this view.

Nicolas Longchamp

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