Euro tilted higher against dollar in European trade following a spate of data from the euro zone and amid a lack thereof from the US, as markets continue to assess the developments in Ukraine.

As of 09:22 GMT, EUR/USD rose 0.04% to 1.0178, with a session-high at 1.0178.

Earlier data showed an index tracking consumer sentiment in the euro zone declined to 25.2 from 26.4 in July. 

The euro zone continues to suffer from the Ukrainian war and shortage of natural gas supplies, amid political pressure from both Russia and the EU.

Italy faces another crisis with Moody's credit agency cutting down Italy's sovereign rating to negative due to ongoing economic struggle and political instability. 

The Italian financial ministry dismissed the decision by Moody's and asserted the Italian economy remains on its feet, and that all European economies face pressures. 

The ministry announced reform plans for the financial and energy sectors, which will be implemented quickly following the upcoming vote. 

From the US, the unemployment rate fell to February 2020 lows at 3.5%, while the economy added more jobs than expected last month, paving the way for a 0.75% rate hike by the Federal Reserve in September. 

Oil futures rose over 1% in Asian trade with US crude off February 3 lows while Brent climbed off February 22 lows, as the dollar index backed off July 28 highs. 

The gains came following a batch of Chinese data and amid a lack thereof from the US.

As of 06:03 GMT, US crude futures due in August rose 1.27% to $89.58 a barrel, while Brent futures due in September rose 1.47% to $95.66 a barrel, as the dollar index shed 0.06% to 106.54.

From China. the trade surplus rose to $101.3 billion from $97.9 billion in June, as exports grew more than imports.

China's oil imports rose as well in July from four-year lows as travel activities improved with restriction removed. 

Latest World Health Organization data showed Covid 19 infections at 579.09 million worldwide, with the death toll at 6.407 million.

Baker Hughes data showed US oil rigs fell 7 rigs last week to 598 rig off March 2020 highs, the first decline in ten weeks, while US production steadied at 12.1 million bpd, the highest since April 2020.

US output is down 1 million bpd, or 8% from record highs at 13.1 million bpd scaled in March 2020. 

US economy added 528 thousand new jobs in July, a stunning result, beating estimates of 250 thousand handily, while the previous reading was revised to show an addition of 398 thousand instead of 372 thousand. 

US unemployment fell to 3.5% in July from 3.6% in June, the lowest since February 2020, and beating estimates of 3.6%.