ECB’s Trichet says aim should be to cancel out excessive market swings caused by ratings

• Preferable to have more than three ratings agencies

Meanwhile back at the ranch EUR/USD remains busy going nowhere. At 1.2595 basically where it stood at the North American close Monday.

Euro zone economic data today:

German wholesale price index for June expected +0.2% m/m, +5.5% y/y

06:45 GMT: French CPI for June expected flat m/m, +1.5% y/y

09:00 GMT: German ZEW survey for June; economic sentiment expected 25.3 from 28.7

Buy orders noted 1.2550 and decent sized at 1.2480/00 including sovereign interest, stops through 1.2540. Sell orders 1.2630/50, stops through 1.2660