Investing.com - The European Central Bank cut its benchmark interest rate to a record low 0.75% in July, in a bid to bolster faltering growth in the region, it announced on Thursday.
The ECB said it cut the benchmark interest rate to a record-low 0.75% from 1.0%, in line with market expectations.
The central bank also lowered its marginal lending to 1.50% from 1.75% and the deposit facility rate to 0% from 0.25%.
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 added to losses against the U.S. dollar, with EUR/USD shedding 0.3% to trade at 1.2491.
Meanwhile, European stock markets remained higher. The EURO STOXX 50 rose 0.6%, France’s CAC 40 added 0.3%, Germany's DAX climbed 0.95%, while London’s FTSE 100 gained 0.65%.
The ECB said it cut the benchmark interest rate to a record-low 0.75% from 1.0%, in line with market expectations.
The central bank also lowered its marginal lending to 1.50% from 1.75% and the deposit facility rate to 0% from 0.25%.
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 added to losses against the U.S. dollar, with EUR/USD shedding 0.3% to trade at 1.2491.
Meanwhile, European stock markets remained higher. The EURO STOXX 50 rose 0.6%, France’s CAC 40 added 0.3%, Germany's DAX climbed 0.95%, while London’s FTSE 100 gained 0.65%.