The market's been anticipating a rate cut by the European Central Bank all through 2014 so far. Today, we got the rate cut as the ECB reduced the deposit rate from 0 to -0.10%. The benchmark rate was cut from 0.25% to a new record low of 0.15%. (source: tradingeconomics.com) The negative interest rate is meant to improve lending, as banks will have to pay the ECB to keep money there. Some notes:- ECB preparing for purchase of asset backed securities - getting ready for large scale QE.- Discontinue sterilization of SMP securities- Interest rate to remain low for some time.- Unconventional measures are still on the table.The EUR/USD broke below its 1.3585-1.3650 range, and is finding support at 1.35 during the ECB press conference.