Euro falls as Draghi says ECB has open mind on negative deposit rates

Draghi says there was a prevailing consensus to cut rates 25 basis points, which implies that it wasn’t a unanimous decision.

• Draghi says ECB is technically ready to cut deposit rates
• ECB has an open mind on negative deposit rate
• There are possible consequences to deposit rate cut but we are prepared to act to mitigate these

The euro is falling on the prospect of a deposit rate cut. Draghi didn’t necessarily foreshadow a cut in the deposit rate but said it was possible if the ECB decides to do so.