Investing.com - The European Central Bank cut its deposit rate deeper into negative territory on Thursday, in an effort to boost inflation in the euro region, it announced on Thursday.
The ECB said it was lowering its deposit facility rate to -0.3% from -0.20%, in line with market expectations. The central bank left its benchmark interest rate at a record-low 0.05%, also matching expectations. Meanwhile, the ECB held its marginal lending unchanged at 0.30%.
The ECB also said it was to announce “further policy measures” at its post policy meeting press conference.
ECB President Mario Draghi was to comment on the decision at a press conference at 1:30PM London time, or 8:30AM ET.
Market analysts also expect the central bank to increase the size of its monthly quantitative easing program to €75 billion from the current €60 billion.
EUR/USD was trading at 1.0644 from around 1.0591 ahead of the announcement, while EUR/GBP was at 0.7118 from 0.7087 earlier.
The Investing.com euro index, which tracks the single currency against a basket of six major rivals, was at 85.71, compared to 85.71 ahead of the report.
Meanwhile, European stock markets were mostly higher. The EURO STOXX 50 inched up 0.2%, France's CAC 40 tacked on 0.2%, Germany's DAX rose 0.35%, while London’s FTSE 100 dipped 0.15%.