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ECB Holds Line on Interest Rates

As expected, the European Central Bank (ECB) maintained its historically-low rate of 1.0 percent noting that recent growth in the 16-nation eurozone showed gathering signs of robust health. ECB president Jean-Claude Trichet was expected to unveil brighter estimates by bank staff for the eurozone economy as well, which expanded in August for the first time since May 2008, a closely-watched survey showed.

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Scott Boyd

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