In my time as a market commentator I have only once seen a Financial Event to allow the use of the phrase “A perfect storm”, and I’m not talking about the George Clooney movie. To youngsters this phrase is as foreign, as winter is to a summer child – all of you Game of Thrones fans get me.

I used “a perfect storm” to describe the rarest of trading days, when both the European Central Bank (ECB) base rate announcement and the US Non-farm payroll (NFP) were being released on the same day. That was in July 2014 when the NFP was pushed a day forward due to the July 4th bank holiday. There was so much anticipation that day that the market would be overcome with activity due to two major financial releases. But what happened? Nothing. There wasn’t even a draft of wind, let alone a storm. Ever since I have been cautious to use this phrase.

However, this Thursday the 8th of June may be a new chance to get caught in a perfect storm.

Whether you wish to trade on this day depends on your risk or lack of risk appetite but let’s have a look at the three major events which will collide on this day, and the key trading instruments that could be affected.

Financial Event 1 at 11:45am and 12:30pm GMT: ECB Interest Decision/ Press conference

We start with probably the least interesting financial event of the three, which is expected to have the least amount of impact on the market. Even though the ECB is expected to keep interest rates at 0%, ECB President Mario Draghi’s press conference still has the potential to move the EUR, especially if he is less dovish on when the ECB may finally finish its quantitative easing program. Recent Eurozone economic data has been more on the positive side and Draghi himself has said at his last press conference that “downside risks have diminished”. You can highly expect the Press to push him on giving a more definitive answer of when tapering may begin, but if history is any indication, Draghi is likely to be invasive as usual.