The European Central Bank announces its interest rate decision at 7:45 am ET Wednesday. Economists expect the refi rate to be kept at 0.00 percent and the marginal lending facility rate at 0.25 percent.

Ahead of the announcement, the euro traded mixed against its major counterparts. While the euro rose against the greenback and the yen, it dropped against the pound. Against the franc, it held steady.

The euro was worth 125.40 against the yen, 1.1282 against the franc, 0.8613 against the pound and 1.1279 against the greenback as of 7:40 am ET.

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