The U.S. Dollar awaits the publication of the Trade Balance figures at 12:30 GMT from the U.S. The result is expected to be -32.8B, slightly lower than previous result of -32.0B. This economic news release is expected to be the key driver of forex trading, and trading of the USD's main crosses as the U.S. market opens.

So far today, the EUR/USD cross is virtually unchanged at the 1.4723 level. The greenback is actually trading about 40 pips higher vs. the GBP, following a bullish movement for the GBP/USD cross in yesterday's trading. Against the Japanese currency, the USD/JPY is currently trading at 88.70 levels.

The other release today that is set to determine the levels for the USD and its most traded pairs are the Canadian Trade Balance at 12:30 GMT and the FOMC Member Kohn Speech at 16:15 GMT. These are the main events for today, and are set to determine the strength of the main crosses. Therefore, it is advised that you open positions in the major pairs now.