EUR/USD declines as ECB cuts interest rates, guides grim outlook

• EUR/USD slides to near 1.1340 as the ECB reduces its key borrowing rates by 25 bps, as expected.
• The ECB omits to comment that interest rates are still restrictive.
• Big progress in US-Japan trade talks has provided some relief to the US Dollar.

EUR/USD faces selling pressure and declines to near 1.1340 during North American trading hours on Thursday. The major currency pair slides as the European Central Bank (ECB) has cut its key borrowing rates by 25 basis points (bps), as expected, pushing the Deposit Facility Rate and the Main Refinancing Operations Rate lower to 2.25% and 2.4%, respectively.

This is the sixth interest rate cut by the for this major currency pair. Read about their unique features to make an informed decision.