ECB stands pat, focus shifts to Draghi's press conference

The European Central Bank's governing council decided to stay put on interest rates and asset purchases on Thursday, as expected by economists, and continued to signal that interest rates would remain steady at least through the summer of 2019.

Thus, the interest rate for the main refinancing operations, the marginal lending facility and the deposit facility would remain unchanged at 0.00%, 0.25% and -0.40%, respectively.

Similarly, and subject to economic conditions, the ECB's programme of quantitative easing remained on course to be wound-up by the end of 2018, although principal payments from maturing securities would be reinvested for "an extended period of time" after the end of QE.

According to Claus Vistesen at Pantheon Macroeconomics, the focus of ECB President Mario Draghi's press conference, which was due to start at 1330 BST, would be on the monetary authority's reinvestment policy.

There was also a widespread belief that ongoing tensions in the emerging market space and on global trade might have led the GC to lower its economic projections.

In any case, investors were well aware of Draghi's knack for delivering surprises.