Breaking News: The European Central Bank Just Unexpectedly Cut Rates to 0.05%

What a tough decision... The European Central Bank just unexpectedly cut rates. This unexpected, The ECB's main refinancing rate has been cut to 0.05%, its marginal lending facility is at 0.3%, and its deposit facility remains in negative territory at -0.2%. Expectations were for these rates to remain at 0.15%, 0.4%, and -0.1%, respectively. 

Following this announcement, the Euro is making new lows against the U.S. dollar, falling to less than $1.31 against the dollar. European Central Bank president Mario Draghi is set to being his press conference at 8:30 am ET, where he will expand on this decision, which was not anticipated by the market.