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The US dollar strengthened slightly against the euro and other currencies after a report showing that producer prices in the US rose slightly in June this year. However, the growth was short-lived, as the speeches of the Fed representatives on the need to lower interest rates again weakened the position of the US currency.
Despite the rise in producer prices, the situation with inflation continues to cause concern, as it indicates a relative restraint in the pace. The report indicates that the main part of the growth was directly provided by goods and services of volatile categories.
According to the US Department of Labor, the producer price index (PPI) rose 0.1% in June this year compared to the previous month, while economists had predicted that the index would remain unchanged.
As noted above, the largest increase was in the prices of trade services, which increased by 1.3%, while food prices increased by 0.6%. These categories are considered volatile and can vary significantly from month to month. It is noteworthy, but energy prices in June fell by 3.1% compared to the previous month.
As for the PPI core index, which does not take into account these volatile categories, it remained unchanged compared to May, while economists had expected that the index in June will grow by 0.2% after an increase of 0.4% in May.
Friday's statement by the US Treasury Secretary Steven Mnuchin on the topic that the US government could be left without money, this fall were not a surprise to anyone. Mnuchin urged Congress to raise the debt ceiling before it is reached in August and before the government goes on summer vacation. The US Treasury Secretary sent a letter to the Speaker of the House of Representatives Nancy Pelosi, in which he noted that the agency is about to exhaust its reserves.
As noted above, the speeches of the Fed representatives put pressure on the US dollar in the afternoon. For example, Charles Evans has openly stated that he expects two rate cuts in 2019. In his opinion, low inflation points to the need to reduce rates, as well as the slowdown in economic growth abroad and trade conflicts.
As for the technical picture of the EURUSD pair, it remained unchanged. The bears' attempt to resume the downward movement in the trading instrument failed. However, the support breakout of 1.1240 will lead to larger levels in the area of 1.1200 and 1.1160, while going beyond the resistance area of 1.1290 can pull buyers of the euro and keep the northern momentum in the pair, which will lead to highs in the area of 1.1330 and 1.1390.
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