EZ to cut interest rates on first bailout

EUR/JPY has fallen sharply on this headline, down 50 pips from earlier highs. I certainly had not anticipated that they would announce a rate cut tied to the bailout and I’m sure many others in the market will also be surprised.

Edit: The headlines were misconstrued by many, myself included, and the losses were quickly undone as the rate cuts were of course related to the interest rates Greece will have to pay. Apologies for my obtuseness.

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