The performance of the US dollar remains dismal as the king of currencies remains weak ahead of Federal Reserve (Fed) President Jerome Powell's testimony in Washington DC today.
Continuing to put pressure on the US dollar yesterday is the ISM survey data for the service sector of the United States (US) published in the New York session yesterday.
Although still above the 50.0 point level, the survey figures for February showed a decline as did the reading for the manufacturing sector published last week.
This situation gives little inclination for the Fed to prepare for their interest rate cuts when there are less favorable indicators for the US economy.
However, what is more in focus this week is the US NFP employment data report that will be published later on Friday for the Fed to assess the current health of the labor sector.
But tonight the focus will be first on the ADP employment data report that measures private employment in the US.
This data could provide an early indication of the NFP report at the end of the week.
JOLTS data which measures the number of jobs offered in the US in January will also be published later tonight.
Also to steal the attention of investors in the New York session is the decision of the policy meeting of the central bank of Canada.
The Bank of Canada (BOC) is expected to keep interest rates at 5.00% as before.
The results of the meeting will affect the movement of the Canadian dollar later tonight and the Canadian Ivey PMI data will also be watched.
Most of the other major currencies in the market are still seen to be taking advantage of the weakening US dollar, but investors remain on guard heading into the end of the week's trading turmoil.
The development of the commodity market is also interesting to see crude oil prices for both WTI and Brent benchmarks which experienced a decline at the beginning of the week.
Meanwhile, gold trading was excellent with a continuous surge in prices since the end of last week until yesterday, witnessing the price getting close to reaching an all-time high.
