ECB cuts Refi Rate by 25 bps to 1.0%; Euro jumps to intra-day high

The European Central Bank Monetary Policy Committee has decided to trim its key interest rate by 25 basis points to 1.0% after its May monetary policy meeting. 

The European Central Bank, as usual did not give any further explanation, so all the eyes are set on the press conference Mr. Trichet will hold later at 12.30 GMT.

EUR/USD has broken intra-day high jumping from levels at 1.3300 to levels above 1.3360, approaching May 5 high at 1.3375, immediately after the Bank published its decision.