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The  European Central Bank left the main lending rate at 0.05% and the deposit rate at -0.020 unchanged as expected. The ECB previously said that rates have reached their lower bound.

EUR/USD trades above 1.23 after dipping below that line beforehand.  Stay tuned for a live blog later today.

Update:  ECB Live Blog – QE or no QE?  

Towards the big decision:

This is the first time that the ECB convenes in the new ECB building. And it is the last decision for the year, and in the current schedule. The next meeting is held only on January 22nd.

This calendar change will likely have an impact on the decision, and so will the publication of updated forecasts which occurs only once every three months.

The big question is: QE or no QE? Markets are looking very carefully towards the meeting. The euro has already  weakened.