The Euro strengthened on the back of the rate hold as it still signalled that policy makers were concentrating on fighting inflation however the risk of slow growth was also noted.
UK kept their rates on hold, which was highly expected as their main focus is on balancing upside inflation and slowing growth due to the current credit crisis.
US data released yesterday showed US wholesale inventories unexpectedly fell for the first time in more than a year. But wholesale sales got stronger than expected results. There was another record high for crude oil which hit $124.61. The dollar was pretty stable yesterday once the announcements from the ECB and BoE were released. Due out today from the US is the Trade Balance, which is expected to better than previous by narrowing its gap to -$61.40 billion.