FXstreet.com (Barcelona) - The European Central Bank's Monetary Policy Committee has decided cut its key interest rate by 0.25% to 1.25% the lowest level ever, after its February monetary policy meeting.

The Bank's decision has surprised the markets as most analysts had advanced a 50 basis points rate cut. As usual the ECB did not offer further explanation to the decision, so all the eyes will be on Mr Jean Claude Trichet's speech due today at 12:30 GMT.