Minimum bid rate is the main refinancing rate, which is set by European Central Bank (ECB) on a monthly basis. It is important to currency traders because interest rates are the central to currency valuation. Minimum bid rate announcements tend to be correctly anticipated by the market, and so are already priced in. However, the ECB press conference which follows 45 minutes after the release of this data, is much more important to follow and normally generates a great deal of market volatility. Whenever the ECB president speaks traders across the globe hang on his every word for any hint of future interest rate changes as well his general economic outlook.