InterestRateDecision ECB in 14h 57m
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ECB Interest Rate Decision, July 2026

The European Central Bank held the deposit facility rate at 2.25% on July 23, 2026, as expected.

Decision2.25%■ hold
Against expectedAs expectedexpected 2.25%
Previous2.25%deposit facility rate
EUR/USD one hour later −26 pips from the last price before
The result

What the ECB decided in July 2026

The move Hold Held at 2.25%.
Against expected No surprise Economists expected: hold at 2.25%. The decision was as expected.
Main refinancing rate 2.40% The ECB's other policy rate, set above the deposit facility rate.
Timing 2:15 PM Frankfurt Thursday, July 23, 2026; press conference at 2:45 PM Frankfurt.
What price did

EUR/USD after the ECB decision, minute by minute

One-minute candles, Frankfurt time. The box is the hour before the announcement. How we measure.

EUR/USD one-minute chart around the European Central Bank decision of Jul 23, 2026 The hour before the 14:15 announcement ranged 23 pips. The first spike went below it by 2.4 pips, and a five-minute candle closed back inside after 15 minutes. 1.137 1.138 1.139 1.140 13:30 14:00 14:30 15:00 15:30 16:00 THE HOUR BEFORE ECB 14:15 PRESS CONF. Spike 1.13809 · 2.4 pips past the hour's low Closed back inside · 15 min
  1. The hour beforeEUR/USD ranged 23 pips, from 1.13833 to 1.14060, and was at 1.13943 at the announcement.
  2. The first spike After 7 minutes price went through the hour's low and ran 2.4 pips past it.
  3. The close back A five-minute candle closed back inside the range after 15 minutes.
  4. The other side Price did not trade through the opposite edge within four hours.
  5. The moves From the last price before the announcement: −9.7 pips at 15 minutes, −26 pips at one hour, −17 pips at four hours.
For context

Across 14 measured ECB decisions since January 2025, the first spike closed back inside the hour-before range within 60 minutes in 10 (71%), and in 6 of those price then took the other side within four hours. In the other 4 the first move held. Median move in the first 15 minutes: 15 pips.

This decision is one of the closed-back cases. Counts include the decisions where it did not close back. All ECB dates · ECB overview.

← Previous decisionECB, June 2026Raised 25 bp to 2.25% Next decision →ECB, September 2026Thu, Sep 10, 2:15 PM Frankfurt
Questions

ECB July 2026 decision: questions

What time was the ECB interest rate decision on Jul 23, 2026?

It was announced at 2:15 PM Frankfurt (8:15 AM EDT New York, 1:15 PM London London), with the press conference at 2:45 PM Frankfurt.

What did the ECB decide in July 2026?

Held at 2.25% (previous 2.25%). Economists expected: hold at 2.25%, so the decision was as expected.

How did EUR/USD react to the ECB decision in July 2026?

On one-minute candles: the hour before ranged 23 pips; the first spike went below it by 2.4 pips; a five-minute candle closed back inside after 15 minutes; after one hour EUR/USD was −26 pips from its pre-announcement price.

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