Investing.com - The European Central Bank held its benchmark interest rate at a record low in April, amid concerns over growth prospects and deflationary pressures in the region, it announced on Wednesday.
The ECB said it was maintaining its benchmark interest rate at a record-low 0.05%, in line with market expectations. The central bank also held its marginal lending at 0.30% and left its deposit facility rate unchanged at -0.20%.
ECB president Mario Draghi was to comment on the decision at a press conference later in the day. Draghi was expected to discuss the effects of the bank's €1.1 trillion quantitative easing program on the region's economy.
EUR/USD was trading at 1.0596 from around 1.0594 ahead of the announcement, while EUR/GBP was at 0.7183 from 0.7182 earlier.
Meanwhile, European stock markets were broadly higher. The EURO STOXX 50 rose 0.55%, France's CAC 40 tacked on 0.6%, Germany's DAX climbed 0.5%, while London’s FTSE 100 inched up 0.3%.