It is expected Mr. Trichet to signal that the ECB will raise interest rates in coming months. With the construction of inflationary pressures in all parts of Europe, the European Central Bank has little choice because a large part of the Charter is to fight inflation. It will be the strength of language he uses have a significant impact on the EUR / USD, and of course on the crosses.
And market speculation may be sitting in the euro against the dollar and long the largest players but also the macro pairs debt as short as the euro / Swiss franc and the euro the Australian dollar /. If these accounts and then start covering the euro will be closer to 1.45 than 1.35 very quickly. Can be a big night.