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ECB Keeps Rates Unchanged – Euro Stable but Under Observation (as of 05.02.2026)

The European Central Bank (ECB) has left all key interest rates unchanged as expected. The deposit facility rate remains at 2.00 %, the main refinancing operations rate at 2.15 % and the marginal lending facility rate at 2.40 %. This is already the fifth rate pause in a row since summer 2025.

Statement and Lagarde Press Conference – No New Signals

The ECB statement reads verbatim: “The interest rate on the deposit facility and the interest rates on the main refinancing operations and the marginal lending facility will remain unchanged at 2.00 %, 2.15 % and 2.40 % respectively.”

Christine Lagarde again emphasized the **data-dependent stance** of the ECB in the press conference: No fixed commitments to rate cuts, but “meeting-by-meeting and data-dependent”. Inflation is expected to stabilize around the 2 % target in the medium term, and risks to the outlook are “more or less balanced”.

Implications for the Euro – Stable but Under Observation

The euro shows only minimal movement after the decision and the press conference and remains stable around 1.1840–1.1870 (EUR/USD). Key points regarding the euro's development:

  • Lagarde again emphasized that the ECB **has no exchange rate target** (“we have no exchange rate target”).
  • However, the strong euro is being closely monitored (“we keep a close eye on FX, we discussed FX today”), as it dampens inflation and additionally burdens the economy.
  • No indication of active intervention – the euro is not described as “too strong”, but as one factor among several.
  • The market interprets this as “steady for longer” without new hawkish escalation → no major euro boost, but also no devaluation panic.

In the short term, the euro therefore remains in a narrow range (1.18–1.19) as long as no new impulses (US data tomorrow, geopolitical situation) emerge.

Overall Market Reaction Muted

DAX and Euro Stoxx 50 are slightly higher (+0.3 to +0.6 %), Bund yields are falling slightly. Gold is stabilizing around $4,900–4,950. No volatility spike – the rate pause was expected, and Lagarde gave no new indications of imminent easing.

Conclusion

The ECB remains cautious: Rates unchanged, the further course is data-dependent and there is no exchange rate target. The euro remains stable but continues to be closely monitored. The markets take this as confirmation of the “higher for longer” course – without major surprise. Anyone who wants to follow further developments and current market prices live will find a neutral overview here of established platforms that cover almost the entire range of assets: To the Trading Platform Overview.

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