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ECB Cuts 0.25%, Euro Rockets Down and Back

Posted by Joseph Trevisani on May 2, 2013 7:55:00 AM

The ECB dropped its main refinance rate to a historic low of 0.5% today, hoping to spur the recession bound Eurozone economy to recovery. Though the move was widely anticipated, the euro reacted violently trading from 1.3151 before the announcement down to 1.3125 and up to 1.3183 in the minute after 7:45 am ET, before stabilizing around 1.3200.

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