ECB Interest Rate Held at 0.5%

The European Central Bank left it’s  key interest rate unchanged at 0.5 %, as expected, today .  It was hinted by the ECB president that it was ready to cut interest rates  if needed .

ECB President Mario Draghi said the  Governing Council did discuss a possible interest rate cut at its monthly meeting, partly due to concern about money market rates and the uncertain nature of the recovery.

Draghi reaffirmed the ECB’s commitment to keep interest rates at record lows for an “extended period” . He  dded that he was “very, very cautious about the recovery”, and that “these shoots are still very, very green.

At 5pm the Euro was worth 0.841361 GBP   ; A pound was worth  1.18855 EUR.
This was after a fall from 0.845 earlier in the day.