I am really not good with fundamentals, but I think there's value in understanding what transpired during the meeting. For your own reference, check out reports by CNN Money, MarketWatch and Bloomberg.
The report by CNN Money states that
"Trichet said the ECB's priority was to fight inflation."
and that
"The European Central Bank, which sets policy for the euro-zone, appears to be leaving the door open for a rate cut, but it is unlikely to make as drastic a move as the U.S. because of inflation concerns."
If my knowlege of economics serves me well, the ECB will have to raise interest rates to fight inflation, but since they are also leaving the door open for a rate cut, that means that no clear direction has been set. Meanwhile, consumers are wondering if the EUR is currently overvalued and if it is time to short it (see here, here, and here).
Personally, I'm unable to glean much from what's available on the recent G7 Meeting. What's going to happen next is anyone's guess perhaps.
