The pressure on the US dollar resumed yesterday in the afternoon after the release of data on the producer price index, which in July this year fell by 0.1%, while economists forecast an increase of 0.2%.

Do not leave the market without attention and data on the growth of the US budget deficit in June this year.

According to the report of the Ministry of Finance, the US budget deficit in June of this year amounted to about 43 billion US dollars, which makes the US Congress again raise the limit of the limit on public debt, and it should do so before the beginning of the fall of this year.

Budget expenditures in June amounted to 274.98 billion dollars, while revenues amounted to 232.04 billion dollars. According to the forecast of the Budget Office of the Congress, in July the budget deficit will amount to 45 billion dollars.

Yesterday, the statements by one of the key representatives of the Fed, the president of the Federal Reserve Bank of New York, William Dudley, also put pressure on the US dollar.

Dudley pointed out that he expects continued moderate growth in the US labor market, as well as growth in economic activity. In his opinion, the growth of wages in the US remains restrained, in part because of slow growth in labor productivity. As for inflation, then William Dudley expects its approach to the target level of about 2.0% only in the medium term. The weakening of the US dollar will encourage inflation.

Let me remind you that the president of the Federal Reserve Bank of New York, William Dudley, has the right to vote in the Central Bank's Committee on open market operations, which makes many traders take his statements seriously.

Yesterday, the report of the Wall Street Journal economists came out, which expect the US Federal Reserve to raise interest rates at least once more this year. In 2018, at least three increases are expected. With regard to reducing the balance of the Fed, almost three quarters of WSJ economists expect the committee to begin the process of reducing the balance of $ 4.5 trillion at its next meeting in September.

Today, special attention should be paid to the data on the consumer price index in the US for July of this year. Economists forecast an increase in the main index by 0.2% compared with June, while the base index should also increase by 0.2%.

If the data are worse than economists' forecasts, as for example, yesterday with producer prices, the pressure on the US dollar will increase again, which will lead to the demolition of stop orders of major players in the EUR/USD pair above 1.1780 level and the formation of a new upward wave in the resistance range of 1.1820 and 1.1880.