Wait for Powell's Speech, This is the Latest Situation of the Currency Market!


 The king of US currencies, the dollar, traded flat as investors awaited the publication of key US data and Federal Reserve (Fed) Chairman Jerome Powell's speech.

High-impact data, the US private sector ADP employment report will be the focus of investors to be used as a guide to the NFP data that will be released on Friday.

Also stealing the spotlight is the publication of US gross domestic product (GDP) for the third quarter which is a preliminary estimate to assess the health of the world's number one economy.

However, the most focused event of the market was Jerome Powell's speech to get the latest signal on the next monetary policy setting.

Earlier in the Asian session, investors were treated to the release of China's manufacturing and non-manufacturing data that showed declines for the seventh straight month.

The data also showed that business activity in the world's second giant economy contracted at the fastest pace.

However, the Aussie and New Zealand dollars, which are sensitive to China's growth, traded higher on optimism for the reopening of restrictions in the country.

Meanwhile, the euro and the pound rose slightly with each benefiting from gloomy US dollar trade ahead of the data release and Powell's speech.

In the meantime, the significant investment in Canadian dollar trading caught the attention of investors when it was reported that the Royal Bank of Canada (RBC) had reached an agreement to buy HSBC Bank Canada which affected sentiment in Canada.