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2 May 2013
Forex: EUR/GBP wavers after ECB cuts rates
FXstreet.com (Córdoba) - The euro reacted nervously to the ECB decision to cut the rate on the main refinancing operations by 0.25% to 0.5% in May. Even though the shared currency initially weakened and fell to a 2-day low of 0.8432 versus the pound, EUR/GBP – and other EUR crosses – quickly bounced.
All eyes will now turn to ECB President Mario Draghi, who will comment on the considerations underlying these decisions at a press conference starting at 12:30GMT.
EUR/GBP is currently trading around 0.8470, virtually unchanged on the day but 20 pips higher than it was before the ECB announcement.
All eyes will now turn to ECB President Mario Draghi, who will comment on the considerations underlying these decisions at a press conference starting at 12:30GMT.
EUR/GBP is currently trading around 0.8470, virtually unchanged on the day but 20 pips higher than it was before the ECB announcement.