Following losses yesterday against currencies like the British Pound and Euro, the greenback appeared to be back on top in overnight trading. GBP/USD fell over 70 pips from yesterday afternoon before slightly rallying to its current level of 1.4545. EUR/USD similarly fell from yesterday's high of 1.2060, to its current level of 1.1975. At the same time, the Dollar did see a slight drop against the Yen. USD/JPY has fallen from 91.57 yesterday afternoon, to its current level of 91.15.

Today, traders will want to watch out for a number of key economic indicators that are likely to impact Dollar pairs. At 12:30 GMT the monthly Trade Balance report, as well as the weekly Unemployment Claims figure are set to be released. Both pieces of news are considered fairly important and tend to generate a substantial amount of market volatility.

Analysts are predicting a slight decrease in the Trade Balance figure, as well as a slight increase in the number of people seeking unemployment insurance this week. While both of these reports may be bad for the U.S. economy, the Dollar may see a slight boost against its main counterparts today, should investors fear the pace of the global economic recovery and turn to the safe haven USD.