The euro, along with its British counterpart, is expected to drive market volatility today with a series of important publications. The European Central Bank (ECB) will be releasing its latest decision on short-term interest rates, a move which historically increases EUR volatility through portfolio adjustments made in response to the announcement.

Britain will also be publishing its decision on interest rates, as well as its Asset Purchase Facility, and is expected to carry a similar impact on the GBP. The Bank of England's (BOE) announcement will come 45 minutes prior to the euro zone's release, but the close proximity of these announcements to one another will no doubt lead to sharp movements in EUR and GBP pairs.

American markets will contribute to this highly volatile environment with employment and trade balance data at 13:30 GMT, but traders will likely pay closer attention to what is happening in Europe. Should any surprises be published out of the euro zone, or any changes made in monetary policies, the adjustment of currency values and portfolio exposure will either drive these currencies to new highs against their rivals, or reverse yesterday's gains.