Investing.com-- Most Asian currencies moved little on Friday in anticipation of key U.S. payrolls data due later in the day, although growing expectations of interest rate cuts saw the dollar headed for a weekly loss.
The European Central Bank said today it will lower its benchmark rate by a quarter of a percentage point to 3.75%. On the surface, this is a landmark ECB decision. It is the first time it is easing policy after a tightening cycle without an economic crisis.
European stocks pared gains and the euro strengthened after the European Central Bank cut interest rates for the first time since 2019, but signaled it was still concerned about inflation. The ECB cut its deposit rate by a quarter-percentage point to 3.75%. The ECB said that wage growth remained elevated and that inflation was likely to stay above its 2% target “well into next year.”
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