ECB hikes key rates by 75 basis points in October as expected

The European Central Bank (ECB) announced on Thursday that it raised its key rates by 75 basis points (bps) following the October policy meeting as expected.

With this decision, the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will be increased to 2%, 2.25% and 1.5% respectively.

With the initial reaction, the EUR/USD pair came under modest bearish pressure and was last seen losing 0.63% on the day at 1.0015.