The European Central Bank today left its key interest rates unchanged.
This was expected but disappointed a sizeable minority who had hoped for a cut this week.
The ECB said it kept its minimum bid rate unchanged at 4.75 per cent, its position since last October.
Most economists had expected the ECB to hold fire today but ease before the end of next month - possibly at its next meeting on April 11th - after detecting a softer tone in recent ECB comments on growth and inflation.
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The bank said in a statement it kept the marginal lending rate and the deposit rate, which form a corridor for money market rates, also unchanged at 5.75 per cent and 3.75 per cent, respectively.
It made no further comment.