EUR/USD soared to the new highs near 1.5885 after the data on exports and imports was released in U.S. today. And, although the indicators came out better than expected, the dollar dropped at a very fast pace against all major Forex currencies.

Import (excluding oil) and export (excluding agricultural) prices both grew by 0.9% in June. This growth followed 0.7% (revised up from 0.5%) and 0.3% (revised down from 0.4%) growth in May for import and export prices respectively.

Trade balance deficit unexpectedly narrowed in May. It decreased from $60.5 billion (revised down from $60.9 billion) to $59.8 billion as the exports rose faster than the imports.

The University of Michigan consumer sentiment index showed a slight increase from 56.4 to 56.6 in the preliminary report for July, while analysts expected a decrease to 55.8 this month.

Treasury budget deficit declined in June and the monthly surplus rose to $50.7 billion from the year before ($27.5 billion). Markets expected the surplus to grow to $33 billion in June.