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The European Central Bank decided not to change the interest rate: lending rate is at 0.75% and the deposit rate remains at 0%.

EUR/USD was battling with 1.2743 prior to the release. No big change was seen. Draghi will meet the press at 13:30 GMT, Stay tuned for a live blog of the event.

There were good reasons to think that Draghi would cut the rates from 0.75% to 0.50%, due to the worsening situation in Europe, and the fear of deflation.

Draghi warned about a German recession. After the rates were left unchanged, Draghi could still hint about a move in December.

Earlier, the Bank of England also left policy unchanged: no new QE and no move on the rates.

For more, see the euro dollar forecast.