The ECB (European Central Bank) chairman Mario Draghi is just holding a press conference somewhere in the Euroland. This is the most important event in forex today since the guys in charge of economic data have decided to take an extra day off. 

What should we look for? 

First of all, it will be interesting to hear what he has to say about the new US president. The RBNZ (Royal Bank of New Zealand) cut the interest rates last week amid increased global uncertainty that Trump always brings along with him. Will the ECB duck and turn bearish again? 

The other thing to take notice will be the future of the ECB QE programme. We heard some rumours last month that the ECB might start a tapering process, but those rumours have been denied. If he reinforces the idea of continuing the QE programme for who knows how long, then I expect the Euro to tumble further.

In essence, this speech is likely to be negative for the Euro, unless he turns suddenly hawkish. But we know he's not that kind of guy, he loves to send the Euro down whenever he's given a chance, so be extra careful.