ECB: I'll Just Have A Half

The European Central Bank cut interest rates in the euro zone by a half point to 1.5% this afternoon, in a widely expected move.

Unlike the UK, the ECB had left its key interest rate unchanged at 2% last month after reducing the rate four times since October 2008.

The move follows a similar one from the BoE earlier in the day, who cut rates in the UK to just 0.50 percent.

Both cuts were already factored into the market leaving the pound steady against the euro at 1.1225.