Trichet: Nothing to add on rate outlook

ECB chief Trichet says he has nothing to add to previous statements on interest rates. All he would say that they will do what is necessary to meet their inflation target. Trichet last week implied a pause in rate cuts in January was a possibility.

When asked if the UK should join the euro, he said the decision was up to them but that they know they are welcome.

EUR/JPY is edging higher on light volume, helped by Trichet sticking by his guns (no matter how crazy that may be) on rates. The cross trades at 126.78, near session highs.