Shares of Exxon Mobil (NYSE:XOM), Freeport (NYSE:FCX) Drop on Stronger Dollar

Exxon Mobil's (NYSE:XOM) and Freeport-McMoRan Copper & Gold's (NYSE:FCX) shares were under pressure earlier in the trading session, as the U.S. dollar was strong, driving commodity producers down.

The shares of Exxon and Freeport have rebounded as the trading day has advanced, although they're still in the negative as of this writing.

Much of this came from the laughable comments from European Central Bank President Jean-Claude Trichet, who alleged the risk of inflation was "broadly balanced." That suggests a small chance of interest rates being raised in the near term.

Most believe the EU won't raise interest rates until 2012, regardless of the circumstances.

The U.S. dollar rose against the euro as much as 1.1 percent, and the Dollar Index climbed by 0.6 percent.

Freeport was trading at $56.29, down $0.03, or 0.05 percent, as of 1:04 PM EST. Exxon was trading at $82.98, dropping $0.43, or 0.52 percent.