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The European Central Bank held its key rate at 4% Thursday, as had been widely expected. The ECB sets interest rates for the 13 countries that use the euro as their currency. Earlier Thursday, the Bank of England decided to cut its base rate by 0.25% to 5.5%, saying conditions in financial and credit markets have deteriorated, posing downside risks to economic output and inflation (full story). Trading in the euro was flat following the widely-anticipated release.

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Source: European Central Bank Holds Key Rate at 4%