ECB keeps rates unchanged; deposit facility rate remains at 2.25%

The ECB keeping the deposit rate unchanged at 2.25% signals policy continuity and reduces near-term uncertainty around euro-area funding costs. With no surprise easing or tightening impulse, the immediate market effect should concentrate in EUR FX and front-end rates via repricing of the near-term policy path. Risk assets may react mainly through relative-rate differentials versus the Fed and other central banks.