ECB Cuts 50 BPs ... Plus Key Levels on EURUSD

ECB rates to 0%? Well maybe not yet ... but now even European Central Bank interest rates are making their way to the central bank gathering point at zero percent. The market expected the ECB to cut 50 basis points. But it also considered 75 basis points was possible. And it also considered only 25 basis points was possible.

Most agreed Trichet’s post‐decision comments would be the difference maker. Anyway, before overnight and this morning, the play was to sell the euro. Then the buyers came in ahead of the announcement in no dramatic fashion.