The entire world is trying to lend Tim Geithner and Ben Bernanke a hand, helping them jawbone the poor greenback higher.
Bernanke accomplished that for about 2 seconds yesterday, but the rally proved short-lived once it became obvious that his top priority was not killing the stock market.
Now ECB President Jean-Claude Trichet is getting in on the act.
Reuters: European Central Bank President Jean-Claude Trichet also spoke on currencies on Tuesday, reiterating his oft-repeated views that a strong dollar is in the U.S. interest and that the euro was never intended to be a reserve currency..
“He (Bernanke) was tying to emphasise to the market what Fed thinking is going into the last few months of the asset purchase scheme. They have to talk well ahead to give no shocks to the market, and that’s what Bernanke was trying to do,” said Peter Frank, senior currency strategist at Societe Generale in London.
Meanwhile, When Trichet himself is saying the euro isn’t intended to be a reserve currency, that should blast that idea completely out of the water.