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The European Central Bank maintained the Minimum Bid Rate of 1% as widely expected. This is the historic low that was held during most of the period following the global financial crisis.

EUR/USD is ticking a bit higher, to 1.3130 – a very small move. Follow the live blog of the ECB Press Conference.

Euro/dollar is closer to the bottom of the narrowing range, currently standing at 1.3060 to 1.3275 on the daily chart.

The euro-zone’s recession is certainly not a mild one, and the Spanish struggle is very dangerous. Nevertheless, higher prices in Germany and a lack of consensus prevented a cut.

In addition, the ECB usually provides clear hints before making changes. Mario Draghi could provide such hints at the press conference, scheduled for 12:30 GMT.

The ECB holds its meetings in Barcelona this time, under heavy guard. Helicopters are flying over the city for two days. Two airports and one land border were closed, in a rare act of suspending the Schengen Agreement.