The euro is plunging ahead of the ECB

The Euro is taking a dive on Thursday as the currency markets prepare for a massive announcement from the ECB this afternoon.

Europe's central bank will make its announcement at 12:45 p.m. GMT (7:45 a.m. ET) and soon afterwards ECB President Mario Draghi will take questions from the gathered press.

Speculation is rife about what Draghi and the gang might announce, but a deposit rate cut, or a refreshed quantitative easing (QE) programme are amongst the likely outcomes. A big rate cut could send the Euro plummeting further, potentially reaching parity with the dollar, while smaller than expected action might strengthen the currency.

So far today it looks like the markets are expecting big stimulus. The euro is already down around 0.6% to the dollar, and about 0.5% against the pound.

Here's what the euro is doing against the dollar:

And this is how it's performing alongside the Pound:

If you want to know what happens with the ECB, stay tuned to Business Insider this afternoon.