I believe all traders all around the world are waiting for the news that will be released on this evening at 7.45 pm Malaysia time, either the European country will increase its interest rates or not.
Anyway.. my trading rules is simple.
If actual = expected, then as usual… there will be NO surprise. Meaning that the news has been discounted since March when Trichet announced that they may increase the interest rates in April. If actual, as expected.. I believe there will be no big movement.
Otherwise, if the interest rate remains unchanged (unexpected), then we may see a strong reversal on Euro currency.
UPDATE: ECB increase the interest rates to 1.25%. Actual, is as expected.