The post European Central Bank rate decision press conference has kicked off and ECB President Trichet has been giving a fairly downbeat assessment of the economy citing lower growth and inflation forecast. The President has indeed signaled the potential for additional rate cuts while also not ruling out the possibility for additional non-conventional monetary policy measures. This comes after the central bank cut the rate by an as expected 50bps to a record low 1.50% this morning. The Euro has come under additional pressure with the major now breaking back below 1.2500. It seems that following the respective central bank decisions, the indication by Trichet that further rate cuts are possible has more than offset any Sterling weakness on the news of the quantitative easing measures from the UK government with, Sterling outperforming the Euro over the past several minutes.