ECB leaves deposit rate unchanged at 2.25%, as widely expected

The European Central Bank kept its main rates unchanged in July 2026, with the deposit rate held at 2.25%, refinancing rate at 2.40%, and lending rate at 2.65%, all as expected. The ECB reiterated a data-dependent, meeting-by-meeting approach and said it is not pre-committing to any future rate path. It also noted that energy-price risks remain volatile but currently near the baseline of June staff projections, while it continues to monitor second-round inflation effects. For EUR/USD, the decision is mildly supportive for the euro in the near term if markets had positioned for a more dovish surprise, but the broader FX impact appears limited because the move was fully priced in.