Trichet unlikely to ring changes

Trichet, who replaced outgoing incumbent Wim Duisenberg, moved from the Bank of France to his new role in Frankfurt on November 1.

"We do not expect anything dramatic, not even a hint of intervention in the euro," said David Mann, economist at Standard Chartered Bank in London. "We’d need to be as high as 1.30 or above before markets should be genuinely concerned about that."

Manuela Preuschl, global markets strategist at Deutsche Bank in Frankfurt, said: "We see it as a smooth power transfe