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ECB cuts rates and surprises markets

FXStreet (Córdoba) - The Governing Council of the European Central Bank decided to cut the main interest rates by 10 bps at today’s meeting today.

The interest rate on the main refinancing operations was cut to 0.05%, the rate on the marginal lending facility was cut to 0.30% while the deposit rate was cut to -0.20%.

Market was expecting further monetary stimulus in the form of QE so the rate cuts came as a surprise. All eyes will be on ECB President, Mario Draghi, who will comment on the considerations underlying these decisions at a press conference starting at 12:30 GMT.

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