The ECB cut its refi rate by another 25bps to 0.5%, a new record low. The move was the first easing of monetary policy since July 2012. The overnight deposit rate was left unchanged at 0.0%, the marginal lending rate was cut by 50bps to 1.0%. This larger reduction means that the corridor between deposit, lending and refi rates has narrowed to 0.5% either side of the refi rate.
Click here to read the full report: FX Daily
Commonwealth Bank