FRANKFURT, Germany (AP) — The Latest on the European Central Bank's monetary policy meeting (all times local):

2:20 p.m.

The decision by the European Central Bank to keep its policy unchanged weighed on stock markets across the Europe but helped the euro rally to two-week highs against the dollar.

Focus will now turn to ECB President Mario Draghi who will host a post-decision press conference shortly. He is likely to be quizzed on how close the bank came to extending the duration of its bond-buying stimulus program.

The ECB is facing stubbornly low annual inflation of only 0.2 percent despite pumping 1 trillion euros ($1.1 trillion) in newly printed money into the banking system through bond purchases since March, 2015. The purchases, made at a rate of 80 billion euros a month, are set to continue through at least through March, 2017 or until inflation convincingly picks up. The bank left that earliest end-date unchanged.

The move in markets following the decision suggests that some investors thought the bank would extend its bond-buying program. France's CAC-40 was down 0.4 percent at 4,541 while Germany's DAX fell 0.6 percent to 10,690. The euro was trading 0.5 percent higher at $1.13.

1:50 p.m.

The European Central Bank has left its key interest rates unchanged and decided against extending the duration of its bond-buying stimulus program.

Investors are waiting to hear what ECB President Mario Draghi says about the outlook at a subsequent news conference.

The central bank faces stubbornly low annual inflation of only 0.2 percent despite pumping 1 trillion euros ($1.1 trillion) in newly printed money into the banking system through bond purchases since March, 2015. The purchases, made at a rate of 80 billion euros a month, are set to continue at least through March, 2017 or until inflation convincingly picks up.

Draghi could indicate Thursday that the bank is ready to extend the bond-buying program.

The central bank's 25-member governing council left its benchmark rate at zero and its rate on deposits from commercial banks at minus 0.4 percent.