ECB President Jean-Claude Trichet said today he was looking at a French proposal for ‘rolling over’ Greek debt but signalled the debt crisis had not derailed plans for a July interest rate rise."You know as far as we are concerned, the governing council of the ECB, that we are in a very strong vigilance mode," Trichet told a news conference held with Korea's central bank governor. The phrase "strong vigilance" has regularly been deployed to signal a rate hike on July 7th fully justifying the market’s 98% probability for such a move. The EUR/USD rose above $1.4300 in response. When asked about the French proposal to ... (full story)