EUR/USD: Trichet Strongly Vigilant, Policy Accommodative

The ECB looks set to hike in March and very likely beyond, based on his initial comments. EUR/USD has pushed back above 1.3000, up to 1.3012 thus far. Talk of options-related selling toward 1.3025 remains, dealers report. Also talk of a potential Russian ruble revaluation have made the rounds today, resulting in a larger percentage of reserve holdings for the USD in the Russian currency basket, a shift from recent move to upped the EUR percentage in the basket.