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The ECB leaves rates unchanged at 0% in the main lending rate, -0.40% in the deposit rate and 0.25% in the marginal rate.  Perhaps more importantly, the QE program has NOT been extended beyond  March 2017. This helps the euro extend its gains.  

In the press conference, growth has been slightly tweaked down, inflation unchanged and most importantly, there are no details about changes to the end-date nor changes in the bond-buying parameters. However, there are downside risks and the monetary policy needs to be “substantially accommodative”. The ECB calls on governments to do more and pats himself on the back.

EUR/USD reaches a high of 1.1328 so far but is unable to hold onto gains.

Draghi is dovish but no details – EUR/USD rise could reverse


More in the live coverage and blog

The European Central The ECB levBank was expected to leave its policy unchanged: the main lending rate at 0%, deposit rate at -0.40% and the QE program at 80 billion per month. An extension of QE beyond the current end-date of March 2017 was on the cards, as well as other tweaks to their bond-buying program. Inflation  came out weaker than expected and this could result in more action. However, President Mario Draghi has been calling on governments to share the burden and do more. This has fallen on deaf ears. He might up the ante.

EUR/USD was moving higher towards the publication, moving away from support at 1.1240 and towards resistance at 1.1335. Was the market long before the event?

Follow the live video coverage and live blog of the decision at 11:45 GMT and Draghi’s press conference which commences at 12:30.

ECB Live Blog – as it happened

ECB Live Coverage

Join Valeria Bednarik, Mauricio Carrillo and me, Yohay Elam, for a live coverage of the event: