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ECB cuts rates to new low of 0.25%, euro sinks

ECB President Mario Draghi
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The European Central Bank (ECB) cuts its main interest rate to 0.25 percent from 0.50 percent on Thursday, sending the euro sharply lower.

The announcement - unexpected by many - was followed by a press conference with ECB President Mario Draghi, who insisted the rate cut was in line with previous forward guidance.

Read on for the reaction to both the rate cut and Draghi's comments: