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Euro drops as ECB to boost pace of bond purchases

DPA-AFX
Brussels
The euro drifted lower against its most major counterparts in the European session on Thursday, after the European Central Bank left its key interest rates unchanged and signalled that it would accelerate purchases under the pandemic emergency purchase programme in the next quarter to counter the rise in bond yields.
The Governing Council maintained the main refi rate at a record low of zero per cent and the deposit rate at -0.50 per cent. The marginal lending facility rate is at 0.25 per cent.
The Governing Council retained the pandemic emergency purchase programme at 1.85 trillion euros.
The purchases under the PEPP will be conducted at a significantly higher pace in the next quarter than during the first months of this year.
Net asset purchases under the PEPP will be conducted until at least the end of March 2022 and, in any case, until the Governing Council judges that the coronavirus crisis phase is over.

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