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The ECB left all the rates unchanged, as expected by most analysts. The European Central Bank was expected to leave the main lending rate unchanged at 0.25% and the deposit rate at 0% once again. However, there wasn’t a 100% consensus this time, and markets held their breath before the publication.

EUR/USD was sliding towards the publication, but within range, to 1.3510. It is now trading at 1.3525 after already reaching 1.3530. This is all within the range.

Update:  Draghi remains calm about low inflation – EUR/USD leaps

Analysis:  ECB expects the situation to sort itself out, but things could still worsen

Update: after the initial rise, EUR/USD fell back to down and it even extends its losses. The pair battles with 1.35

The focus now shifts to the press conference held by ECB president Mario Draghi. He might provide hints for action in March.

See the preview:  5 scenarios for the ECB decision

Stay tuned for a live blog of the event, coming soon.