ECB raises Bid rate

Thursday, 7 July 2011 03:29

As expected and widely anticipated the European Central Bank lifted the European Minimum Rate to 1.50%, up by 0.25%.  ECB president, Trichet, is scheduled for a press conference later today.

The Euro continued to trade low.  At the time of the report for the Bid Rate, the Euro plunged lower against the U.S Dollar below the 1.4282 line.  Currently the pair is trading at 1.4245.

The Euro weakened versus the British Pound as well, it dropped from trading at 0.8945 to 0.8919.