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ECB Interest Rate Decision, September 2025

The European Central Bank held the deposit facility rate at 2.00% on September 11, 2025, as expected.

Decision2.00%■ hold
Against expectedAs expectedexpected 2.00%
Previous2.00%deposit facility rate
EUR/USD one hour later +44 pips from the last price before
The result

What the ECB decided in September 2025

The move Hold Held at 2.00%.
Against expected No surprise Economists expected: hold at 2.00%. The decision was as expected.
Main refinancing rate 2.15% The ECB's other policy rate, set above the deposit facility rate.
Timing 2:15 PM Frankfurt Thursday, September 11, 2025; 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 Sep 11, 2025 The hour before the 14:15 announcement ranged 13 pips. The first spike went below it by 14 pips, and a five-minute candle closed back inside after 10 minutes. 1.166 1.168 1.170 1.172 1.174 13:30 14:00 14:30 15:00 15:30 16:00 THE HOUR BEFORE ECB 14:15 PRESS CONF. Spike 1.16639 · 14 pips past the hour's low Closed back inside · 10 min
  1. The hour beforeEUR/USD ranged 13 pips, from 1.16781 to 1.16910, and was at 1.16843 at the announcement.
  2. The first spike After 1 minute price went through the hour's low and ran 14 pips past it.
  3. The close back A five-minute candle closed back inside the range after 10 minutes.
  4. The other side Price then traded through the opposite edge of the range within four hours.
  5. The moves From the last price before the announcement: −3.5 pips at 15 minutes, +44 pips at one hour, +54 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, July 2025Held at 2.00% Next decision →ECB, October 2025Thu, Oct 30, 2:15 PM Frankfurt
Questions

ECB September 2025 decision: questions

What time was the ECB interest rate decision on Sep 11, 2025?

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 September 2025?

Held at 2.00% (previous 2.00%). Economists expected: hold at 2.00%, so the decision was as expected.

How did EUR/USD react to the ECB decision in September 2025?

On one-minute candles: the hour before ranged 13 pips; the first spike went below it by 14 pips; a five-minute candle closed back inside after 10 minutes; after one hour EUR/USD was +44 pips from its pre-announcement price.

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