Draghi delivers on promise, ECB cuts deposit rate by 10bp

FXStreet (Mumbai) - Investors had been hoping for Mario Draghi to deliver on promises after risk suffered following Fed’s Yellen’s comments that she was "looking forward" to hiking U.S. rates. Draghi did not quite disappoint. At today’s meeting the governing council decided to slash deposit rate by 10 basis points. The deposit rate now at -0.30 per cent moves further into the negative territory. The decision will come into effect from 9th December 2015.

The interest rate on the main refinancing operations and the interest rate on the marginal lending facility will remain unchanged at 0.05% and 0.30% respectively.

Further monetary policy measures will be communicated by the ECB chief, Mario Draghi at a press conference starting at 14:30 CET today.