EUR/USD mostly unchanged after ECB lowers all benchmark rates as expected

The European Central Bank (ECB) have just now announced the outcome of their policy meeting decision. As expected the ECB has lowered the rates as follows- The deposit facility rate is cut to 3.50%, from 3.75%. The main refinancing rate has been lowered from 4.25% to 3.65% and the marginal lending rate has been cut to 3.9%, from 4.5%. So, in essence the gap between the refinancing rate and the deposit rate has been slashed from 0.50%, to just 0.15%. At the same time, the ECB have released their accompanying policy statement and left unchanged their inflation outlooks for the most part, but with a slight upward revision in the core matrix. The ECB have confirmed they will not pre-commit to a rate path and take a meeting by meeting approach. At the same time the ECB have lower their outlook for growth and that has seemingly hampered any potential immediate rebound in the EUR/USD. It is currently trading at 1.1015