Thursday, July 5, 2012

European Central Bank Policy Meeting



The ECB cut its benchmark interest rate by 25 basis points from 1.00% to 0.75%, the lowest since the inception of the European union. Also, the deposit rate was cut to 0.
The rate cut was highly anticipated and the euro was already pressured heading into the announcement. More weight was put on the EUR after the announcement ECB president Mario Draghi’s press conference.
He sounded very dovish during his introductory statement, leaving the door for further easing of rates down the line.

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