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The European Central Bank (ECB) left its benchmark interest rate unchanged on Thursday and dropped any reference to a future rate cut. In a statement it said it expected interest rates to "remain at present levels for an extended period of time," but added that it would be ready to extend its quantitative easing (QE) program if needed. The ECB's message sent the euro dipping down to $1.1229 against the greenback from around $1.1240. The decision marked the fifth consecutive quarter that the central bank has held rates steady at 0.00 percent and will come as little surprise to market watchers, who were largely anticipating a continuation of the status quo.


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Mario Draghi's press conference after ECB shuts door to rate cuts – business live

European Central Bank has raised its growth forecasts, and cut its inflation forecasts, after dropping pledge to lower rates if needed.

ECB keeps money taps open but drops reference to rate cuts

"While data-dependent, we also expect further quarterly 10 billion euro reductions, ending QE in September 2018." REUTERS/Kai Pfaffenbach/File PhotoTALLINN/FRANKFURT The European Central Bank kept its money taps wide open on Thursday but dropped a reference to possible interest rate cuts, an unexpectedly hawkish move as euro zone growth accelerates. Its monthly asset purchases will continue to total 60 billion euros a month and to run until at least December. The ECB also maintained its pledge to increase its asset purchases if necessary. Asset purchases under the program are due to continue at least until December at a pace of 60 billion euros per month.


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