Euro rises as ECB cuts rates by 0.5%

Source: Bloomberg

The euro surged against the dollar and rose versus the yen in London trading after the European Central Bank cut its key interest rate to 2 percent, the lowest in any of the 12 euro nations since at least 1948.

"It's relief that they did it," said Kamal Sharma, a currency strategist at Commerzbank in London. "The market has got an eye to growth and anything the central bank can do to help that will boost the currency."

The common currency rose to $1.1769 against the dollar at

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