Despite the sinking value of the US dollar versus most of its primary currency counterparts, the greenback did undergo a modest correction in yesterday's afternoon trading sessions. Following the publication of positive employment change in the American private sector over the previous month, as shown by Wednesday's ADP employment change estimate, the US dollar retraced approximately 100 points against the euro, and 50 points versus the British pound.

The EUR/USD has been surging over the past several trading days, hitting a recent high of 1.3860 before paring its gains and currently resting steadily at 1.3810. The USD/JPY has likewise been in decline but underwent a modest spike following the publication of yesterday's ADP figures. The pair is currently trading at 81.61.

Today will likely be less significant for the US dollar than many traders expect, regardless of the heavy news day ahead. The reason is because it is the day before Friday's Non-Farm Payroll data for the month of January. Typically around this time of the month, the greenback consolidates its value near a breaking point prior to Friday's publication. Traders should expect to see the USD holding steady near its current price values until Friday's release.