The Fed refused to give the market guidance on its next stimulus move, so now it's the ECB's turn to make its move in the global monetary policy competition. Expectations heading into the event see economists favoring a 25 bp rate cut to 0.50 percent while the market seems to contradict that scenario as the euro climbs. This presents a situation where, regardless of the outcome, there will be a considerable level of surprise and market volatility. In today's video, we discuss both the ECB scenarios and the implications for the Fed's hold as well as what it means for EURUSD, the majors and broader risk trends.

How does a Currency War affect your FX trading?

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