The USD witnessed a steady depreciation against most of its major currency counterparts during today's morning trading session. The Dollar is currently trading lower against the GBP by nearly 80 pips at 1.5710. It is also trading lower against the CHF and JPY.
The EUR rebounded sharply against the USD, briefly surpassing the $1.38 threshold on intense speculation the European Union will help Greece resolve its fiscal crisis after many players had bet against the currency in recent weeks.
The release of the U.S Trade Balance at 13:30 GMT is likely to set the tone for the Dollar's direction in today's trading. Better-than-expected results may help the Dollar recover some of its early trading losses against a number of its pairs and crosses, such as the GBP and EUR. On the other hand, if the results turn out to be in line with forecasts, the Dollar may record a fairly bearish session in today's trading.
