Lending Rate: European Central Bank

European Central Bank: The loonie was off 0.4 of a cent to 95.59 cents US as gross domestic product rose at an annualized rate of 2.8 per cent in the quarter, against the two per cent rise that economists had expected, according to 660 News. But most economists thought the bank would wait at least until December when it will have new forecasts from its own staff before offering more economic stimulus and TORONTO The Canadian dollar closed lower Thursday while the greenback gained ground after the European Central Bank cuts its key lending rate to a record low and data showed U.S. economic growth in the third quarter was much stronger than expected. The ECB cut its key rate to 0.25 per cent from 0.5 per cent. The surprise move came as recent economic data, such as lower than expected inflation of 0.7 per cent in the 17-country eurozone, have suggested that Europes economic recovery remains weak. (www.immigrantscanada.com). As reported in the news.