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LIVE: ECB President Mario Draghi Discusses Shock Decision To Cut Rates

Matthew BoeslerNov 7, 2013, 18:56 IST

REUTERS/John SchultsEuropean Central Bank President Mario Draghi reacts to a question at a post-meeting news conference in Paris, October 2, 2013.

ECB president Mario Draghi takes the stage at the monthly ECB press conference at 8:30 AM ET.

The central bank just shocked markets with a surprise decision to lower its benchmark refinancing rate to 0.25% from 0.50%. The euro is down 1.2% against the dollar, and European stock indices are surging.

Only 3 of 50 economists polled by Bloomberg expected a rate cut. The press conference and Q&A, therefore, should be very interesting, and the euro is likely to move around a little bit.

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