The euro shed between 0.3% and 0.4% against the dollar, yen, and other European currencies ahead of the ECB's announcement. Market participants have been cautious in their expectations following the ECB's under-deliverance of stimulus in December, and the euro's softening today reflects a correction of recent strength. The consensus is for a 10 bp cut in the deposit rate, which would take it to -0.40%, expected to be accompanied by a tiered system to protect bank business models.
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