Isn't it just
Those offers certainly got whacked good & proper when Trichet & his buddies began chattering. Extremely hawkish comments indeed.
Didn't do the Euro (or Cable) any harm either that one of the Fed's most aggressive hawks (Fisher) softened re; forward growth & "prolonged slowdown" expectations. A double kick which the buck could have well done without today.
Although it's as plain as the nose on your face that the buck is deep in the brown stuff, a high ranking & aggressive hawk running up the white flag doesn't exactly inspire confidence for the $ Bulls.