The US dollar weakened on Tuesday after the producer price report for June. Weak price growth increases the likelihood of a Fed rate cut in September and this creates pressure on the dollar.

The Russian ruble is falling, the Central Bank of Russia has set the dollar exchange rate at 92.6592 today. The negative for the ruble was added by data from the Central Bank on the balance of payments for July. The current account balance in July amounted to $0.5 billion.

Important news today:
12:00 🇪🇺 Eurozone GDP (Q2)
15:30 🇺🇲 US Consumer Price Index (July)
17:30 🇺🇲 Crude oil reserves in the USA

EUR/USD is approaching the level of 1.1008 and if consumer prices in the United States show weak growth today, this level will not stand and the euro will continue to move up.