Euro slumps to five and half month low after ECB held rates

Euro has slumped, adding to heavy losses yesterday after the European Central Bank (ECB) kept its benchmark interest rates steady for a fifth straight time. The central bank noted that if the Governing Councils updated assessment of the inflation outlook, the dynamics of underlying inflation and the strength of monetary policy transmission were to further increase its confidence that inflation is converging to the target in a sustained manner, it would be appropriate to reduce the current level of monetary policy restriction, it said in a statement. EURUSD futures quote at 1.0685 right now, down 0.65% on the day and testing around five and half month low.

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