EURO DROPS AFTER ECB ANNOUNCES SURPRISE RATE CUT

The European Central Bank unexpectedly announced a series of surprise rate cuts, and now markets are moving.

The euro just dropped to $$1.3047, its lowest level since July 2013.

Today's ECB moves included lowering the main refinancing rate to 0.05% from 0.15%, lowering the marginal lending factility rate to 0.3% from 0.4%, and lowering the deposit facility rate to -0.2% from -0.1%. All of these moves have the intended affect of keeping short-term interest rates very low.