Euro falls broadly after ECB leaves rates unchanged

London

THE euro fell broadly on Wednesday, after the European Central Bank (ECB) kept borrowing rates unchanged, as expected, and is likely to reiterate a dovish policy bias despite a recent pick-up in economic activity.

At Wednesday's meeting, the ECB left its main refinancing rate, which determines the cost of credit in the economy, at 0.05 per cent. It also kept the rate on bank overnight deposits at -0.20 per cent, which means banks pay to park funds with it.