The ECB comes out leaving rates unchanged, until at least a year from now. Asset purchases are to remain until the end of the year. The news was overall expected because of the talks Draghi had in the past week. The interesting news I on the time frame that is given for the interest rate increase.
By putting the interest rate increases a year out, the ECB seems to be using language as a way to express loose policy and not to cause a panic in the markets of raising too soon. This had the Euro adjust drastically to the dollar, the longer term trend will come from the believability of the ECB statement.
If the Fed can continue to raise rates alone, while the ECB stays put for at least a year, the Euro will be beaten up by the dollar over that time frame. If the signals from economic data in Europe start to challenge that assumption we could see the Euro having to play catch-up. The speech will be important to see how strong these statement beliefs are.