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At its first monetary policy meeting of the year, the Governing Council of the European Central Bank (ECB) decided to leave the interest rates on its main refinancing operations and the interest rates on the marginal lending facility and the deposit facility unchanged at 0.00%, 0.25% and -0.50%, respectively. 

Market reaction

The EUR/USD pair moved little in reaction to the policy announcements and held on its gains near the top end of its weekly trading range, around mid-1.2100s. The focus remains on the post-meeting press conference, where comments by the ECB President Christine Lagarde would certainty infuse some volatility around the euro pairs.