BS: European Central Bank cuts rates, underlining concern about fate of recovery
The euro dropped to the lowest level versus the dollar since July 2013 after the European Central Bank unexpectedly cut its main refinancing rate to a record 0.05%.
Just six of 57 economists surveyed by Bloomberg correctly forecast the 10-basis point reduction of the key interest rate. The remainder predicted the central bank would leave it unchanged at 0.15%.
Officials lowered the deposit rate to minus 0.2%, also the least on record.
