USD/JPY tilted higher in Asian trade amid a lack of data from Japan and ahead of US data. 

As of 05:58 GMT, USD/JPY rose 0.01% to 107.16, with an intraday high at 107.20. 

From the US, unemployment claims for the week ending July 18 are expected unchanged at 1.3 million, while continuing claims are estimated down 271 thousand to 17.06 million. 

The CB leading index is expected up 2.1%, down from 2.8% in May. 

US Senate leader Mitchell McConnell doubted passing new economic rescue bills before the current bill fully reaches its destinations.  

US President Donald Trump touted efforts to reach a quick and safe Covid 19 vaccine, noting the coronavirus crisis will worsen before becoming better once more.

Pfizer and BioNTech announced positive early results on their shared Covid 19 vaccine, while the Oxford vaccine showed promising results as well in preliminary trials. 

US stocks rose on Wednesday, to extend gains as investors shrugged off the renewed US-China tensions.

The US administration has ordered the Chinese Foreign Ministry to close its consulate in Houston, in order to protect American intellectual property from Chinese piracy.

Despite President Donald Trump warned yesterday that the coronavirus crisis will probably get worse until it gets better, but market optimism rose today about a near end for the coronavirus crisis, especially after announcements of the promising vaccines trails.

The Trump administration also announced an agreement with Pfizer and BioNTech to provide 100 million doses of their coronavirus vaccine worth $2 billion.

To the oil market, West Texas Intermediate crude fell 0.05% to close at $41.90 a barrel, after it hit a day high of $41.9 and a low of $41.1.

Brent fell 0.07% to $44.29 a barrel, with a high of $44.3 and a low of $43.6.

As for stocks, Dow Jones rose 0.6% or 165 points to close at 27,006, after it hit a day high of 27,035 and a low of 26,794.

Nasdaq rose 0.2% or 25 points to 10,706 points, with a high of 10,745 and a low of 10,627.

S&P 500 rose 0.6% or 19 points to 3,276, after it hit a day high of 3,279 and a low of 3,253 points.

Wheat prices rose Wednesday, as the US dollar fell against most currencies, which makes agricultural commodities and metals more attractive to buyers.

Investors turned their focus on bad weather conditions in the US Midwest region, which encompass vast areas of grain and other crops.

Drought or lower rainfall will severely affect the quality of crops supplied in the harvest season, which pushes prices higher.

China imported large amounts of US farm goods, which comes within the Chinese side's compliance to the trade agreement that requires it to import around $40 billion worth of US farm goods within the first phase of the deal.

The dollar index fell against a basket of currencies by 0.2% to 94.9 points as of 20:00 GMT, after it hit a high of 95.4 and a low of 94.8.

Wheat September futures rose 1.2% to $5.34 per bushel, after hitting a high of $5.40 and a low of $5.23.

The Japanese yen fell on Wednesday, despite severe pressures on the US dollar, as investors rushed to precious metals for shelter as the US-China tensions continued to escalate. 

Earlier Japanese data showed the Markit manufacturing PMI down to 42.6 from 40.1, missing estimates from 39.6. 

In addition to the coronavirus crisis, which continues to cast its shadow on global markets, a new round of the tensions between the US and China have been reopened once again.

This came after the US has ordered the Chinese Foreign Ministry to close its consulate in Houston in order to protect American intellectual property from Chinese piracy.

A US federal judge yesterday issued an arrest warrant for two Chinese citizens living in the US, for accusations of trying to hack research labs developing coronavirus vaccines.

As of 19:25 GMT, USD/JPY rose 0.4% to 107.2, with an intraday high of 107.2 and a low of 106.7.