ECB surprise rate cut sends Euro crashing

In a shocking move, the ECB cut the interest rate by 25 basis points to .25%.

At today’s meeting the Governing Council of the ECB took the following monetary policy decisions:

1. The interest rate on the main refinancing operations of the Eurosystem will be decreased by 25 basis points to 0.25%, starting from the operation to be settled on 13 November 2013.
   
2. The interest rate on the marginal lending facility will be decreased by 25 basis points to 0.75%, with effect from 13 November 2013.
   
3. The interest rate on the deposit facility will remain unchanged at 0.00%.
   

The President of the ECB will comment on the considerations underlying these decisions at a press conference starting at 2.30 p.m. CET today.

EUR/USD Hourly chart



ECB Press Conference Live on FJ at 8:30 ET http://www.financialjuice.com