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ECB delivers first move

The moves in rates were broadly as expected, with 10bp cut in main rate to 0.15%.  Deposit rate has been cut by 10bp to 0.10%.  The EUR has fallen to 1.3570 (from 1.3605 ahead of the release), but we await further policy details from the press conference where the ECB has said they will be announced. Market expecting a combination of measures that can be described as QE, but will be different in style and substance from the measures seen from other central banks.

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