ECB leaves rates on hold

After leaving interest rates unchanged on 5 July, European Central Bank (ECB) president, Jean-Claude Trichet, signalled that the central bank will hike rates again later this year.

Trichet said after the meeting, which saw the central bank's main refinancing rate remain at 4%, that the ECB has "no intention to change in any respect the present expectations of the market." These expectations have led the market to price in another 25 basis point hike in either September or October this year.

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