Euro Hits 8-day High After ECB Rate Cut

The euro rose to its highest level in eight days Thursday after the European Central Bank announced a 10 basis point cut to its deposit rate, leaving it at minus 0.3%. The euro declined sharply in the weeks leading up to the meeting as ECB policy articulated their intention to expand stimulus measures at Thursday's meeting. As a result, analysts believe the shared currency strengthened on the news because the currency had become oversold in the weeks leading up to the meeting. The shared currency rose to a session high of $1.0692 after the announcement. It traded at $1.0607 late Wednesday in New York.