Jean-Claude Trichet, the President of the European Central Bank, said on Tuesday that the bank will take all necessary measures to prevent inflation from rising to risky levels, referring that so far the rate has not entered alarming levels. He also expressed his fears of suffering from second-round effects which in turn will raise the rate further, yet he does not see any sign of materializing of second-round effects.

He also backed strong dollar and said it is in interest of the United States. The ECB President comments gave some support to the dollar that fell sharply against majors since the beginning of the current year.