Jean Claude Trichet Sparks Hope for Greek Rescue

Spread bets and CFDs on world markets should consider the impact that Jean Claude Trichet is having today. Indeed, he has announced that he will leave a policy meeting in Sydney early to attend a special European Union summit. All of this has investors talking about a Greek rescue plan, reports GFT's Boris Schlossberg in FX360:

High beta currencies rallied in early morning European trade today on back of speculation that authorities will help tackle Greece’s mounting fiscal problems at the EU summit this Thursday. News that Jean Claude Trichet will leave a meeting of policy makers in Sydney a day early to attend a gathering of European Union leaders, improved sentiment in capital markets as traders anticipated that officials will come to Greece’s aid.

Indeed, the news is helping European stock markets move higher, and currencies like the sterling and the euro are gaining in forex trading. The U.S. dollar is moving lower as other currencies find favour, and as equities rally on the hope of EU intervention in Greece.

It will be interesting to see how things play out, given that Trichet has made comments in the past about how member nations need to solve their own problems.