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- The currency pair EUR/USD declines
The currency pair EUR/USD declines
The European
Central Bank’s interest rate decision weighed on the euro. The European Central
Bank cut its interest rate to 0.15% from 0.25% last Thursday. The ECB also cut
its marginal lending to 0.40% from 0.75% and reduced its deposit rate to -0.10%
from 0.0%. The European Central Bank is the world’s first major central bank to
use a negative rate. The deposit rate of -0.10% means that commercial bank will
be charged for holding their reserves. This measure should spur commercial
banks to ramp up lending.
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