Going into the European session, the currency market remained in slow motion with the US dollar depreciating slightly as the market continued to evaluate statements from the Federal Reserve (Fed) policy makers.
Fed policymakers continue to offer their openness to continuing to raise interest rates even though at last week's FOMC policy meeting, the central bank appeared to have turned dovish.
This follows a string of stronger US NFP jobs reports in January, providing comfort for the Fed to keep interest rates high.
Broadly tracking market movements, the Aussie and New Zealand dollar commodity-linked currencies were seen posting moderate gains in today's trading session.
The Aussie dollar continues to benefit from support from the Reserve Bank of Australia's (RBA) policymaker's hawkish remarks to further extend interest rate hikes.
The central bank raised rates by 25 basis points on Tuesday amid Australian inflation that remains at a 33-year high.
Meanwhile, the euro was little changed after German annual consumer price data rose 8.7% in January, compared to expectations for an 8.9% rise.
European central bank (ECB) policymakers continue to offer hawkish statements to continue raising interest rates to fight inflation.
Also, the pound rose slightly in the European session as investors awaited several Bank of England (BOE) policymakers who will testify before Parliament's Treasury Committee on their policy decisions last week.
