LONDON May 2 The euro quickly recovered from
brief falls against the dollar, hitting a session high on
Thursday after the European Central Bank cut interest rates, a
decision which had been widely expected.
German Bund futures also fell, while European stocks pared
The ECB cut its main refi rate by 25 basis points to a
record low of 0.5 percent and left the deposit rate unchanged.
The euro fell to $1.3115 from around $1.3150 just
before the decision. But it then recovered, hitting a session
high of $1.32105, taking it near a two-month peak of $1.3243 hit
German Bund futures fell in choppy trading. They
last stood down 21 ticks on the day at 146.37, having stood at
146.52 shortly before the rate decision.
The pan-European FTSEurofirst 300 index briefly
extended its earlier gains to trade up by 0.2 percent after the
ECB's decision, before then paring those gains to trade flat.