The European Central Bank cut interest rates again on Thursday but warned of "phenomenal uncertainty" including the risk that trade wars and more defence spending could fuel inflation, raising the prospect of a pause in its policy easing next month.

The news that the European Central Bank has cut interest rates for the sixth time in the past 12 months is a positive development for Irish consumers and businesses.

The dollar and the euro were moving in different directions Friday after the European Central Bank signaled it might not cut interest rates as much as previously thought this year amid rising economic uncertainty.