The ECB's rate cut just sent the euro just spiking upwards

The Euro just spiked after the Financial Times falsely released a post saying that the ECB was holding rates, five minutes before the official announcement. In fact, it announced that it is cutting deposit rates by 0.1% to -0.3%.

The currency surged upwards against both the pound and the dollar as the false announcement was made, and kept surging as the announcement was actually made.

At one point was up by 1%. It has since settled down a little, and at the time of writing is up around 0.6% on the dollar, and 0.35% on the pound

Here’s what the euro is doing against the dollar:

And this is how it’s performing alongside the Pound:

If you want to know what happens with the ECB for the rest of the day, stay tuned to Business Insider this afternoon.

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