According to Jinshi Data, ING Group said that if eurozone wage data continues to rise and US economic data weakens, the euro may continue to rise against the US dollar.

Analyst Chris Turner pointed out that if the euro zone's second-quarter wage growth data remains high, investors may lower their expectations for the European Central Bank to cut interest rates. The market currently expects the European Central Bank to cut interest rates by 68 basis points this year, but Turner believes that this is too much.

Turner also said that upcoming U.S. economic data may be weaker, which will support the Federal Reserve to cut interest rates. If the euro breaks through 1.11 against the dollar, it may accelerate its rise.