Relevant:
- Draghi Says ECB Ready to Cut Interest Rates To Below Zero If Needed
- Mario Draghi: ECB prepared to cut interest rates and expand QE (AKA "DO WHATEVER IT TAKES 2.0"...)
- Exclusive: ECB rate setters converge on December deposit rate cut
- Euro slumps as ECB moves boost dollar, equities
- ECB prepares to launch fresh tools to battle low inflation
2012-12-07 — telegraph.co.uk
Mario Draghi, the ECB's president, said the governing council had discussed a cut in overnight deposit rate to below zero for the first time, and was "operationally ready" to do so if needed.
The comment sent the euro into a nosedive, dropping from $1.3075 to $1.2950 in just two hours. "A negative deposit rate is the mother of all sell signals for a currency," said Hans Redeker, currency chief at Morgan Stanley.
And "buy" signal for gold, we might add...
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