Expectations of another rate rise has helped push the euro towards 18-month high against the dollar, but the single currency fell sharply from around $1.48 when Trichet began his remarks to around $1.4682.
"The euro was hammered after Trichet failed to signal a rate hike next month," said Benjamin Reitzes, a foreign exchange strategist at BMO Capital Markets.
Raising rates at a slower pace suggests concerns about Europe's recovery continue to weigh on the central bank. It said risks to growth "remain broadly balanced in an atmosphere of considerable uncertainty."
Though the bank's actions are aimed at curbing inflation, a series of rate increases will put more pressure on bailed out nations Portugal, Ireland and Greece which need growth to pay down debts.
However, Mr Trichet made it clear the bank was not holding off to give them a break. "Absolutely not," he said. "We are responsible for price stability in the eurozone as a whole. We will continue to deliver price stability."
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