Forex

09:06 03/10 (CEP News) Montreal - Chairing the G10 meeting on Monday in Basel, Switzerland, European Central Bank President Jean-Claude Trichet said the central bank was concerned about the extreme movements in foreign exchange.

“Excessive volatility and disorderly movements in the exchange rates are undesirable for economic growth,” he said.

Trichet explained that the G10 meeting did not discuss foreign exchange at their meeting and that he made these comments as president of the ECB.

Trichet also noted “with extreme attention” that the U.S. believes a strong dollar is in the interest of the American economy.

The euro lost four tenths of a cent to the dollar, falling to 1.533 USD following Trichet’s comments.