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ECB cuts rates to record-low 0.25%; euro plunges

Economic IndicatorsNov 07, 2013 07:50AM ET
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Investing.com - The European Central Bank lowered its benchmark interest rate to a record low in November, in a bid to safeguard the faltering economic recovery in the region, it announced on Thursday.

The ECB said it was lowering its benchmark interest rate to a record-low 0.25%, confounding expectations for the central bank to hold rates steady.

The central bank also cut its marginal lending to 0.75% from 1% and left its deposit facility rate unchanged at 0.0%.

ECB president Mario Draghi was to comment on the decision at a press conference later in the day.

Market participants will scrutinize Draghi’s comments for clues in regards to the central bank's next course of action in dealing with an ongoing sovereign debt crisis.

Following the announcement, the euro tumbled against the U.S. dollar, with EUR/USD plunging 1% to trade at 1.3378.

Meanwhile, European stock markets were higher. The EURO STOXX 50 rallied 1%, France’s CAC 40 jumped 1%, Germany's DAX surged 1%, while London’s FTSE 100 inched up 0.4%.  

ECB cuts rates to record-low 0.25%; euro plunges
 

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