[J. Abizeid]

Originally Posted by Abou-Eddie

Above rate reduction has just been offset by below:

Oct. 27 (Bloomberg) -- European Central Bank President Jean- Claude Trichet said the bank may cut interest rates again at its next policy meeting on Nov. 6 as the financial market crisis damps inflation pressures.

``I consider it possible that the Governing Council would decrease interest rates once again at its next meeting,'' Trichet said in a speech in Madrid today. ``It is not a certainty, it is a possibility.''

As you mentioned before, lower oil prices seem to be the reward for supporting the dollar. I wouldn’t be surprised if $47 ($147-$100) the barrel will the bottom that triggers the reverse in oil and dollar.
As you also mentioned, interest rate changes seam to have minimum effect. They have a set target and oil is the best tool for that since oil prices are fixed. Demand and supply is a big lie.