The European Central Bank left interest rates unchanged on Thursday after cutting eight times in a year, biding its time while Brussels and Washington negotiate over trade. The ECB cut its policy rate to 2% last month,

Traders pared back bets on further ECB easing, and now see only a one-in-four chance of a rate cut in September. Alongside that, the euro erased losses to trade near $1.17, while euro-area bonds extended an earlier drop

ECB President Christine Lagarde left economists and investors a little less certain as to when, or perhaps even whether, further easing will arrive.