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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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