Economy since the May statement Trichet

During the May meeting of the ECB has kept interest rates unchanged, but, more importantly, the president of the ECB has signaled that interest rates will not rise in the near future. And this despite the fact that the Governing Council still sees "upward pressure on overall inflation," and continues to mention the "growing risks to price stability." At the moment, at least, Trichet gives the impression of walking, not running in the direction of tightening cycle.
Despite the volatility of the dollar and the claims thereto, the data reduces the pair EUR / USD on a sustainable basis. The reaction of markets in interest rates has confirmed a sigh of relief, which blew the euro on the short end, two-year interest rates in the euro zone on 10 points lower after Trichet's opening statement. U.S. interest rates quickly rebounded after an initial fall on the basis of data on applications for unemployment benefits, getting rid of one of the factors that influenced the growth of applications. Thus, the drop in EUR / USD pair for about half a cent also spoke about the fact that Trichet was not as hawkish as feared markets.
Looking ahead, the ECB continued to express the intention to tighten rates, but it seems, is sensitive (can at least publicly) with respect to a wide divergence of economic and fiscal policy stance in the euro area. Nevertheless, the greatest risk faced by the ECB, is whether to raise rates by 25 points for the remainder of the year, or differences within the euro area will undermine all attempts at fiscal consolidation undertaken by the periphery. Meeting next month will be important will be announced the new projections. If Trichet wants, it will cause to raise interest rates, however, at least for the moment, the reasons for the rise in interest rates is not very persuasive.