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This time there was no clear consensus about the ECB’s action, but the opinions leaned towards yet another “no-change”: the main lending rate remains at 0.25% and the deposit rate stays at 0%.

EUR/USD was trading at a narrow range between 1.3750 and 1.3770 in the hours before the release. After leaning lower in the minutes before the publication, EUR/USD is now bouncing back up to 1.3777.

Update: Live blog of the ECB press conference.

Stay tuned for a live blog of Mario Draghi’s press conference soon. The press conference begins at 12:30 GMT. The live blog begins beforehand.

The level of headline inflation fell to 0.5%, the lowest since 2009, but core inflation managed to stay at 0.8%, above the lowest post crisis level of 0.7%.

There was more talk about a possibility of QE, after the Bundesbank seemed to allow for it under certain conditions.

See the preview: ECB cheat sheet – 4 scenarios