Markets

Heading for the cliff

A missing word - 'very' - in the European Central Bank's rate setting statement set the euro plunging, signalling a slightly less hawkish stance. The plunge continued because, as James Mackintosh, investment editor, explains, it became clear that ECB president Jean-Claude Trichet and German finance minister Wolfgang Schäuble are still at loggerheads over who pays for the next Greek rescue.