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European Central Banks Cuts 75bp to 2.50%, Euro-Dollar (EUR/USD) Pushes Above 1.2625
Thursday, 04 December 2008 11:58:43 GMT
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The European Central Bank lowered borrowing costs the most in its 10-year history as they cut the benchmark interest rate by 75bp to 2.50% from 3.25% as the economy heads in a recession. The central bank should continue to hold a dovish outlook going forward as price pressures alleviate, which could drag on the euro over the near-term. Meanwhile, the larger-than-expect rate cut failed to trigger a drop in the euro as the EUR/USD pushed higher to hold above 1.2625, but may face increased volatility over the next few hours of trading as investors eagerly await ECB President Trichet’s press conference scheduled for 13:30 GMT.
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