Forex Trading News: ECB's Trichet on the Wires

Highlights from Trichet:

ECB'S TRICHET REITERATES THAT ECB RAISED RATES TO FIGHT PRICE RISKS DEVELOPING NOW AND CURRENT INTEREST RATE WILL HELP DELIVER STABLE PRICES

- ECB cannot influence oil price and current inflation

- Adds that increase in oil and commodity prices create for demanding environment

- Says that ECB's responsibility is to deliver stable prices

- Reiterates that ECB must prevent high inflation in the medium term

- Says possible Dutch tax increase poses inflation risk

- Notes that second wage price effects must be prevented

- Expects financial market correction and volatility to continue