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The European Central Bank was expected to leave the main lending rate unchanged at 0.25% and the deposit rate at 0%, and that’s what it did. The ECB cut the main rate from 0.50% to 0.25% back in November, after headline inflation fell to 0.7%.

EUR/USD is steady around 1.36 and is unmoved by the expected decision. The focus now shifts to the press conference by ECB president Mario Draghi.

Follow a live blog of Mario Draghi’s press conference.

While headline CPI is at 0.8% now, core inflation fell to 0.7%, lower than the level in October.

Stay tuned for a live blog of the ECB press conference. Draghi will likely be questioned about the specter of deflation in the old continent.

1.3650 serves as resistance and 1.3570 as support. For more, see the Euro USD forecast.

Earlier in the day, German industrial production exceeded expectations by rising 1.9%. The Bank of England also left the rates unchanged.