21.   Bundesbank officials have said they will continue to monitor the economy for signs of inflation before considering a cut in the repo rate.

22.   Bundesbank Vice President Johann Wilhelm Gaddum, for example, last week said the central bank left open the option of raising the repo rate today.

23.   But the reduction in the repo rate had little impact on the currency market Wednesday.

24.   Cash-poor banks are less likely to take chances and bid the repo rate lower.

25.   Central bank governor Urban Baeckstroem said there remains room to continue cutting the rate, although the pace of cutting the repo rate has slowed.

26.   Cash-needy banks would otherwise tend to bid the repo rate higher.

27.   Even so, few traders expect the German central bank to raise the so-called repo rate today.

28.   German market rates would surely rise if the repo rate were to vary, the newspaper said, quoting analysts.

29.   Freeing the repo rate to float would allow banks to bid the rate lower in times of ample liquidity.

30.   Given that disappointment, traders said they are skeptical the Bundesbank will cut the repo rate soon.