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ECB lowers benchmark rate to 2.75%- No EUR/USD reaction yet (corrected)
The European Central Bank (ECB) have just done what almost everyone expected and lowered their 3% deposit rate by 0.25%, taking it down to 2.75%. They have also adjusted the other two rates by the same amount. Ahead of this the EUR/USD had edged a little higher off the earlier session low at 1.0390. The EUR/USD was trading around 1.0405 leading into the decision. The immediate reaction to the news has seen it not yet fall back The ECB boss and her colleagues will debrief the press on this decision, at the usual time of 1.45pm GMT. The EUR/USD is right now at 1.0404
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