Despite making similar moves in the recent past, the European Central Bank and the Federal Reserve are now at different junctures.

With the bloc facing a bleak outlook, some analysts said the ECB would have to cut rates below the 2% that markets expect to see by year-end. A 2% deposit rate falls in line with estimates for the so-called neutral rate in the euro zone, which neither restricts nor boosts growth.

The European Central Bank cut interest rates as expected on Thursday and kept more easing on the table, sticking to its view that inflation in the euro zone is increasingly under control despite concerns about global trade.