The European Central Bank has raised interest rates to an all-time high in a bid to cool consumer prices, but signalled its cycle of increases was near its end as eurozone growth falters.
The ECB’s knife-edge decision to lift its deposit rate for the 10th consecutive time, by 25 basis points to 4 per cent, came as officials cut their growth forecasts for the eurozone economy.
The euro fell to a three month low against the dollar after Thursday’s decision by the ECB’s governing council in Frankfurt. In mid afternoon trading the currency was down 0.5 per cent on the day at $1.0677.
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