Let me start by saying that with the U.S. slowing economic growth, global growth expectations have been downgraded big time, dragging with it growth expectations for all the countries' as individuals, which turned a lot of central banks from their extreme hawkish stance and concentration on price stability to an extreme dovish one that focuses on deteriorating growth levels.

The Bank of England represented by the MPC will probably cut their benchmark rates today a 25 basis points, as fears from slowing global growth and more housing slump in the United Kingdom are turning into the committee's biggest fears, and at a rate of 5.50% which is the current rate now, the possibility of that happening is quite high, and at least dragging it to 5.25% might tell that the BoE are taking a step ahead to handle a potential crisis.

The super star today will be the European Central Bank, who managed until now to maintain their hawkish stance in all their meetings, despite some comments earlier from one of the members in a nonofficial meeting, who hinted that growth in the Euro Area might start to slow and it is becoming great concern; in their meetings so far the main objective is to deliver price stability and acting as needed to ensure that, and that is why it is still expected that the ECB will leave rates steady today at 4.00%.

What counts the most is the press conference held by the ECB president Mr. Trichet, as analysts are expecting that we might witness a dovish slang in Trichet's words, or at least to mention that growth expectations for the upcoming period might not match their prior expectations, that’s not turning dovish but at least gradually phasing out the hawkish , and opening the possibility for rate cuts after a while.

But what if the ECB's president maintained his same target and was sure of the path he is walking through till now, and let's not forget the level of confidence that Trichet has amongst investors and economists, that will again highlight the Euro Area as the only area that didn’t get highly affected by the latest crisis, and will ensure that it is the safest place to invest, and the European currency might be the blue gold and number 2 safe heaven which might give it a huge push in the upcoming period against all other currencies.

Let's turn on our TV stations, let's open our eyes and ears carefully for every word they say, small things will matter the most in markets, and we have to take the best advantage of it.