ECB leaves rates unchanged, at record lows; further comments are expected
As expected, the European Central Bank left official interest rates unchanged Wednesday, amid concerns over growth prospects and deflationary pressures in the region.
The bank’s refi rate remains at 0.05%, while the
interest rate on its marginal lending facility stands at 0.3% and the
deposit rate at minus 0.2%. ECB's chief Mario Draghi will hold a news
conference at the bank’s Frankfurt headquarters beginning at 2:30 p.m.
local time.
Draghi is expected to provide an upbeat assessment of the impact of the bank’s quantitative easing program. He is expected to discuss the effects of the bank's €1.1 trillion quantitative easing program on the region's economy.
EUR/USD was trading at 1.0596 from around 1.0594 ahead of the announcement, while EUR/GBP was at 0.7183 from 0.7182 earlier.
In the meantime, European stock markets were higher. The EURO STOXX 50 rose 0.55%, France's CAC 40 tacked on 0.6%, Germany's DAX climbed 0.5%, while London’s FTSE 100 inched up 0.3%, says Investing.com.
