The European Central Bank on Wednesday left its benchmark interest rate steady for the sixth consecutive month, keeping pressure on European politicians to more forcefully address the continent's deteriorating finances.

As expected, the ECB resisted calls for monetary relief from the sovereign debt crisis threatening the survival of the 17-nation euro zone and kept its one-week refinancing rate at an historic low of 1 percent. The euro was steady after the decision was announced, hovering just under $1.25.

I can imagine that the market is a little disappointed that they didn't cut rates, Rabobank economist Elwin de Groot told Reuters. It had been pricing some action on this front. Eonia swap rates have been trading at 0.272 so the key question for the market now is whether the ECB will cut rates next month and whether it is willing to also lower the deposit rate.