Euro slips after ECB keeps interest rates at 0.75%

<p>The single currency has slipped in forex trading after the ECB’s interest rate decision yesterday.</p>

The European Central Bank's (ECB) decision to keep interest rates for the 17-nation currency bloc at their record low of 0.75 per cent did not come as a surprise to many.

Nevertheless, the euro has depreciated versus both the pound and the dollar in forex trading this morning, reflecting ECB president Mario Draghi's comments that condition of the euro area remains "weak".

The eurozone's benchmark interest rate has been at 0.75 per cent for four months, after the central bank chose to cut it down from one per cent in July.

This echoes the decision made by the Bank of England in London to maintain the UK's benchmark interest rate at 0.5 per cent – an historic low that has been a constant since 2009.

Commenting on the state of the eurozone economy, Mr Draghi said: "The underlying pace of monetary expansion continues to be subdued."

At 09:25 GMT, the euro was 0.1 per cent down in trading against the dollar to €1 buying $1.273, while it was steady versus the pound at €1 equalling £0.797.

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