European stocks also pushed higher earlier after the ECB said it would lower deposit rates to minus 0.4% from minus 0.3% and reduced its main refinancing rate to zero from 0.05%. Moreover, the central bank said it would include investment-grade corporate bonds in its bond-buying program, along with increasing the overall pace of the quantitative easing to €80 billion, or $88.6 billion, a month from €60 billion.
However, the EUR turned around after ECB President Mario Draghi hinted the central bank is not planning to cut rates further.
“We are reaching the limits of monetary policy, and that is causing markets a headache,” Mark Dowding, senior portfolio manager at BlueBay Asset Management, told the Wall Street Journal.
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