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ECB unexpectedly cuts rates - ING

FXStreet (Łódź) - Carsten Brzeski from ING wonders if it is "the start of Draghi’s helicopter", following the unexpected announcement of ECB's decision to cut rates in September.

Key quotes

"The ECB just announced a rate cut by 10bp, lowering the refi rate to 0.05%, from 0.15%."

"Both the marginal lending rate and the deposit rate were also cut by 10bp."

"At 2.30 pm CET, we will know whether this was the prelude to another monetary policy fireworks or just the easiest way out to prevent QE without a loss of face."

Euro crumbles as ECB cuts rates

The euro slumped across the board, sending EUR/USD to its lowest level in 14 months and EUR/CHF dangerously close to the SNB floor, after the European Central Bank decided to cut interest rates, a move that wasn’t anticipated by markets.
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