During the Asian session, the National Bureau of Statistics said that Earnings at China's large industrial companies in June rose at the most robust pace since March last year, surging 11.5% from a year earlier in June, nearly doubling the 6.0% increase in May.
Later in the day, German IFO surveys are due, which are expected to improve in July further. During the US session, traders will pay attention to durable goods orders, and another big monthly jump is forecast.
However, the most focus remains on the rising cases of COVID-19. Moreover, US politicians are working on another round of stimulus, as the first one has expired. Since many US states are imposing another round of lockdowns, the unemployment rate will most likely tick higher again. Thus, people need more checks.
Meanwhile, the US dollar continues to be hammered, with the EURUSD pair up another half a percent, trading above the 1.17 level. The USDJPY pair was down 0.5% too, last seen at 105.50, and commodity-linked currencies also strengthened notably.