Markets

Euro plunges after ECB cuts rate, announces asset purchases

Published September 4, 2014 Updated September 4, 2014 01:30pm

LONDON: The euro slumped to less than $1.30 dollars on Thursday after the European Central Bank surprised markets with a rate cut, and said it would launch an asset-buying programme to ward off deflation.

The euro fell to the lowest levels for more than a year against the dollar, down to $1.2996, the lowest since July 15, 2013 and the first time below $1.30 since that date.