On March 10, 2008, the G10 meeting held at Basel, Switzerland, made by the European Union Bank President Jane Claudridge, made a dip at the cost of Euro and other important currencies against the Euro. According to Trichet, “Unfortunately unusual instability and unusual movements are incredible for economic growth.” However, his opinion was with those who did not decide to reduce the rate of interest after the European Central Bank on the previous Thursday, at that time the interpretation was considered strong.
After his comments after Trichet, Euro dropped at 1.5313 but was recovered quickly and 10:11 pm was just below 0.0001 to 1.5355. Canadian David fell from 0.0033 to 1.0061 compared to US dollar, as was Swiss Franc and Pound Sterling. On Friday, March 7, 2008, the Canadian Dollar fell nearly half a percentage of US dollars, although the Canadian Employment Report showed 43,300 new jobs were created in the month of February.
According to Peter Wudkins, senior forex analyst of IRF markets, Trecket once thought twice about reducing the US dollar. “