The European Central Bank kept its main refinancing rate on hold at 0.75 per cent again yesterday (4th Oct 2012) .
The Euro rose against the US Dollar after the ECB President reaffirmed that they have set a “fully effective backstop mechanism” to purchase bonds of troubled Eurozone countries and hinted that conditions linked to the ECB’s assistance would not necessarily be punitive.
The Bank of England also made no change to their 0.5% interest rate.