Spreadex Market Update
European markets extended early gains
European markets extended early gains with the euro trading near four-month lows against the dollar after the European Central Bank cut interest rates to record lows while indicating further monetary policy actions. The ECB cut the deposit rate to -0.10 percent, the main refinancing rate to 0.15 percent, and the marginal lending rate to 0.40 percent to help tackle deflation. The Dax managed to breach the key 10,000 technical level to trade a high of 10,014 for the first time ever.
The widely expected UK interest rates have been held at the record low of 0.5% for another month by the Bank of England. The size of the Bank's bond-buying economic stimulus programme was also kept unchanged at £375bn. The pound edged higher against the dollar after house price data came in slightly higher than expected.
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