Will ECB Chief Trichet ruin your July 4th vacation along with the global economy and hike rates Thursday?
Be prepared, for the dollar could take a hit on Thursday. Investors had been hoping that the ECB might talk down inflation ahead of Thursday’s policy meeting instead of actually taking action.
However the odds of that being the case seem infinitely less likely after a German paper quoted ECB President Jean-Claude Trichet as saying, There is a risk inflation will "explode" if the European Central Bank does not act decisively to counter it.
Markets have priced in a hike in the ECB's key refinancing rate to 4.25 percent from 4.0 percent when the bank sets policy Thursday.
What does this mean for the U.S. stock market? For further insights we turn to strategic investor Dennis Gartman, author of The Gartman Letter. Following is a summary of his main points made on Fast Money.