EUR/GBP: ECB Lowers Euro Zone’s Growth and Inflation Forecasts; UK’s Trade Deficit Widens

Yesterday, the European Central Bank (ECB) left its Minimum Bid Rate unchanged at 0.75 percent, but the Euro dropped in the previous European trades as the central bank lowered its growth and inflation forecasts for the economy, leaving the door open for possible rate cuts in the future. The Great British pound on the other hand gained as the Bank of England (BOE) kept its asset purchase program at 375 Billion Pounds, and its Official Bank Rate at 0.50 percent.

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