The dollar will be in focus as investors digest the latest batch of economic data from major economies.The U.S. dollar index rebounded against the strong support level of 95.7 again as it did in June, and at the time of writing, the index is recovering towards the psychological mark of 96.0. However, if the data released today makes investors more optimistic about the ability of the global economy to recover from the epidemic, the US dollar index may fall below 95.7, and if it continues to be blocked, it will eventually open the way for a test of the next support level of 94.6.China is showing the world its way to control the epidemic and revive the economy.China's economy shrank by 6.8% in the first quarter of 2020, and the growth rate in the second quarter turned from negative to positive. The world's second-largest economy's GDP grew 3.2% year-on-year in the second quarter, beating market expectations. In June, the industrial added value increased by 4.8% year-on-year, in line with market expectations. However, the total retail sales of consumer goods in June fell by 1.8% year-on-year, indicating that the foundation of domestic demand is not yet solid. But retail sales data suggest the worst is over and domestic consumption will eventually return to growth with policy support.Global investors will next turn their attention to today's European Central Bank meeting. The market does not expect the European Central Bank to make any major adjustments to current policy settings, but the bank's outlook on the European economic outlook is expected to have an impact on market sentiment and the U.S. dollar index. The weight of the euro in the calculation of the US dollar index reached 57.6%, which means that the performance of the euro has a great influence on the US dollar index.The importance of the weekly U.S. jobless claims indicator has risen during the outbreak, and the data could show that the U.S. labor market recovery is stalling. However, it is worth mentioning that from the non-agricultural employment report of the past two months to the better-than-expected June industrial production data released yesterday, the US economy is showing initial signs of slowly gaining a foothold in the post-epidemic era. This is very encouraging.Nevertheless, for the market, further gains in risk assets require more and more sustained support from optimistic economic data, including today's U.S. jobless claims data and June retail sales, at least from the perspective of economic fundamentals to justify the rise sex. At the time of writing, U.S. stock futures were slightly lower, but today's economic data and earnings reports of listed companies are likely to boost market risk sentiment, thereby boosting risk assets and weighing on the dollar.