European Central Bank Policy Meeting

width=166The ECB cut its benchmark interest rate by 25 basis points from 1.00% to 0.75%, the lowest since the inception of the European union. Also, the deposit rate was cut to 0.

The rate cut was highly anticipated and the euro was already pressured heading into the announcement. More weight was put on the EUR after the announcement ECB president Mario Draghi's press conference.

He sounded very dovish during his introductory statement, leaving the door for further easing of rates down the line.

Fan Yang CMT is a forex trader, educator and Chief Currency Analyst of FXTimes - provider of Forex News, Analysis, Education, Videos, Charts, and other trading resources.

Information and opinions contained in this report are for educational purposes only and do not constitute an investment advice. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness. FXTimes will not accept liability for any loss of profit or damage which may arise directly, indirectly or consequently from use of or reliance on the trading set-ups or any accompanying chart analysis.