The US Dollar rose slightly against the EUR on Tuesday, after an official from a Chinese sovereign wealth fund said he did not think the U.S. currency would depreciate further. Comments made from China International Corp official Peng Junming seemed to conform to the view that the Dollar may have hit bottom and has limited room to fall further.
So far today, the USD/CHF cross is virtually unchanged at the 1.0175 level. The greenback is actually trading about 20 pips higher vs. the EUR, following a bullish movement for the EUR/USD cross in yesterday's trading. Against the Japanese currency, the GBP/USD is currently trading at the 1.6150 level.
The U.S. Dollar awaits the publication of the Trade Balance figures at 13:30 GMT from the U.S. The result is expected to be -34.9B, slightly lower than the previous result of -32.9B. 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.