Excerpt from: Forex
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| December 04, 2008 | | Euro continues to drop against dollar in forex trading | The ECB enacted the largest interest rate cut in its history when it slashed rates by 75 basis points today. The euro continues lower against the dollar in forex trading on this news.
The European Central Bank cut rates dramatically to 2.5% on the hopes that the lower rate will help stimulate economic activity in the euro zone, eventually getting Europe out of the recession that it's in.
The ECB cut comes just hours after the Bank of England cut its own rate by 100 basis points to 3%.
| Topic Tags: Bank of England, dollar forex trading, ECB, euro forex trading, European Central Bank, euro zone, forex trading, recession | |
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