ECB holds rates as euro zone economy lags
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The European Central Bank kept its main interest rate on hold at a record low 0.5% today as it waits to see whether early signs of stabilisation in the euro zone will blossom into an economic recovery.
Economic data improved in May and ECB President Mario Draghi said this week he still sees "a very gradual recovery" starting later this year.
This takes pressure off the ECB to act again, as it had promised to do if necessary after cutting rates in May.
Investors will now shift their focus to the latest ECB staff projections to gauge how the central bank assesses the currency bloc's economic prospects.
Analysts expect only minor changes to the ECB's outlook from the previous forecasts, released in March.
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