ECB Keeps Rates Unchanged As Expected

Despite some whispers that Mario Draghi may finally engage in a rate cut (that 1.33 EURUSD is hardly boosting European exports, although in a world in which central banks can just print "trade" who cares about FX rates), the ECB just delayed the inevitable easing by yet another month.

To wit:

1 August 2013 - Monetary policy decisions

At today’s meeting the Governing Council of the ECB decided that the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.50%, 1.00% and 0.00% respectively.

The President of the ECB will comment on the considerations underlying these decisions at a press conference starting at 2.30 p.m. CET today.

All eyes, or rather ears, now turn to the ECB's press conference in 45 minutes, where among other things we will learn that the "whatever it takes" OMT bazooka still doesn't, and never will, exist.