The European Central Bank (ECB) kept all its main policy rates unchanged after its policy meeting, but investors were still attent to the possible announcement of alternative measures.
The key re-financing rate was held at 0.25%, while the main lending rate was kept at 0.75%, alongside a flat deposit rate.
Some economists had argued that the monetary authority might carry out a modification of the above in reaction to recent lower-than-expected inflation readings. Inflation in the Eurozone fell unexpectedly last month, to 0.7%, well below the ECB's 2% target.
In fact, many still believe that the ECB will finally act in the months ahead.
Credit Suisse, for one, on Wednesday told clients that it sees the ECB taking the deposit rate marginally into negative territory and cutting its main policy rate in March or April, although a move today was a "risk".
It´s not over yet: Draghi´s press conference ahead
All eyes will now turn to this afternoon´s press conference from ECB President Mario Draghi, which will start at 13:30.
Worth pointing out, a typical pattern to trading would see intraday volatility pick up in cash equity markets but limited moves by the end of the day - particularly as regards their effect on US markets - as in the end traders will also be looking to keep their power 'dry' ahead of tomorrow´s monthly payrolls data Stateside.
Yet by some measures - not least from the political standpoint - the situation in the Eurozone is increasingly delicate, commented analysts at Sharecast, so investors may increasingly attach more weight to the ECB´s decisions as time elapses.
Foreign exchange markets are susceptible to large moves if the ECB surprises in one direction or the other, they added.
Home bias: There is no place like home
Amongst the topics likely to be discussed at this afternoon´s press conference were: a possible end to the sterilisation of the central bank´s Securities Markets Programme (SMP) and the purchase of packages of banks´ loans to small and medium sized entreprises (SEMs) under exceptional circumstances.
"A suspension of the SMP sterilization would lead to a €175bn increase in liquidity in the Eurosystem, which in turn would push the excess liquidity to approximately €350bn, a level last seen in April 2013," Unicredit Research explained to clientes earlier on the same day.
Much of that liquidity is held in so-called 'core' countries (€65bn in Germany, €30bn in France, €8bn in Belgium and €8bn in Finland) and would likely remain there due to lenders´ still high levels of risk aversion, Unicredit further said.
However, short-term money markets on the Eurozone´s periphery might rally as a result, the Italian broker surmised.
Somewhat ironically, recent speculation over such moves to enhance liquidity in the interbank market had led to a reduction in rates in short-term funding markets (OIS rates), hence eliminating part of the rationale - according to some - for more forceful measures.
Lastly, and worth taking into account, in recent weeks the ECB had been assigning weekly deposits at higher average rates than before the year-end liquidity squeeze.