The benchmark overnight lending rate in the eurozone set at -0.004%, according to the ECB.
It’s the first negative EONIA rate but expect a spike higher tomorrow on month-end demand for funds.
EONIA
I don’t see how it’s a big deal or meaningful for the euro. The ECB would be more likely to ease if rates were high but this simply shows high supply and easy money. It also shows that negative deposit rates are having an effect.
