European officials have stepped up their protests against Euro strength. ECB President Trichet stated on Thursday that he was against rapid and brutal currency moves. These comments indicate that concern over the Euroâ€™s strength is increasing. Trichet still held back from actually describing the recent currency moves as brutal which is an important distinction and indicates reservations over actively intervening in the market.
The general volume of protests against recent currency moves has also increased with ECB member Ordonez also stating that disorderly markets are not welcomed while he stated that downside growth risks had increased. The level of complaints by the French Finance Ministry has increased.
The German engineering federation has warned that the orders and profits are already being damaged while Airbus industries also warned that the current exchange rate difficulties were â€˜life threateningâ€™.