There seems to be a confluence of events building in the currency markets right now. You can take your pick on which crisis to focus on.
The Federal Reserve is starting their QE2 operation, where they plan to print money and buy the American debt that no one else wants.
Chinese debt rating agencies are starting to downgrade US debt, also due to the QE2 being done by the Fed.
The European Union is preparing to bailout Ireland (or not) and the tensions in Europe are running high. This has caused a big flush in the long Euro trade and all eyes are on the EU and the ECB to see whether Euro is going to return to debt crisis mode and crash.
Either situation could overload the markets and we could see a drastic flight to safety.
The markets are very nervous so something is pending, without a doubt.