As concern grows over the health of the eurozone economies, the ECB has announced a somewhat desperate looking reduction in interest rates from 0.15% to 0.05%. Highlighting that they have nowhere left to go with interest rates reductions they also announced a package of stimulus measures.

The Eurozone is polarised between those increasingly desperate to see stronger stimulus measures and the predominantly German view that nothing should be done which risks inflation and the integrity of the Euro. Mario Draghi, the Italian president of ECB, is finding it increasingly difficult to reach consensus. Soon after the conference he was reported to say off mic "they don't seem very happy". We can only speculate who he may have meant by 'they' but he seems to be struggling to please anyone.

Straight after the announcement gold rose £4 an ounce to £775 whilst the gain in Euros was much stronger.