The European Central Bank has cut interest rates for the first time in nearly five years, moving faster than its US and UK counterparts, but warning that price pressures remain high.
The ECB lowered its benchmark deposit rate by a quarter percentage point to 3.75 per cent after its governing council met in Frankfurt on Thursday.
Traders in swaps markets slightly lowered their bets on a second cut by September to 65 per cent, from 70 per cent ahead of the announcement.
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