Euro Steady After ECB Holds Rates; Lagarde to Depart February 7

The euro was steady on Thursday after the European Central Bank left interest rates unchanged and warned inflation risks were rising from surging energy costs. The ECB also announced President Christine Lagarde has resigned and will step down Feb. 7, well ahead of the end of her tenure in October 2027. The euro fell to its lowest since May but was last up 0.07% at around $1.1158. The dollar index, measuring the greenback against a basket of currencies including the yen and euro, fell 0.08% to 102.05. "The bigger news is the confirmation that Christine Lagarde will leave her post in February," said Marchel Alexandrovich, European economist at Saltmarsh Economics, noting the ECB faces a reshuffle in the first half of 2027 with Isabel Schnabel and Philip Lane also set to depart. US Commerce Department data showed inflation accelerated in September, supporting expectations of a Federal Reserve rate increase in December. The Fed delayed any borrowing-cost changes until after next week's midterm election.