Today’s the day – it’s interest rate decision day in both the UK and the Euro zone, coming up at 12:00 GMT for the Bank of England and 12:45 GMT for the European Central Bank. And news events move charts…

The ECB is expected to hold firm in the face of the economic storm and keep its rate unchanged at 2%, but hints and whispers, as always, suggest otherwise. Look out for the possibility of an unexpected cut, which will certainly shake things up some. If nothing else it may destabilize the unspoken agreements implicit in the Euro, France Germany, Ireland, for example, wouldn’t be averse to a cut. Portugal and several of the ’smaller’ members are keen for it to stay as is.

The UK however is forecast to cut its official rate 50bp to 1% today. Nothing’s for certain at the moment, but a distinct possibility exists that the cut might not be so great – 25bp or 0.25% – leaving some room for manouvre, after all how low can interest rates go before these damn savers start complaining…? Sterling is starting to look overbought again having recovered from big drops last month – might head on down again today…

Anyhow, it will be an interesting day – get your positions set and ready and watch the fun unfold… maybe some pips coming your way.