It seems that prior to today's crucial data releases from the U.S. in the next several hours, the USD has already tumbled considerably. The Unemployment Claims at 12:30 GMT is set to DRIVE the USD's trend today. The ISM Non-Manufacturing PMI figures from the U.S. are also expected to be in the minds of forex traders when it is published at 14:00 GMT. This is very important, as the figure is expected to be higher than previous month's readings. Therefore, a lower figure than 48.3 could lead to an even more bearish USD later on today.

Thus far today, the GBP/USD cross is trading higher, as the pair attempts to reach the 1.6400 level later today. The EUR/USD cross is still attempting to make amends by pursuing an upward correction. The pair currently stands at the 1.4300 level, and the pair seems to be moving upwards. In order to take advantage of the current downward breech in the Dollar, it may be wise to open sell positions in the USD. Moreover, you should open large USD and EUR positions now as the upcoming EUR Minimum Bid Rate release at 11:45 GMT is set to lead to high volatility in the forex market.