EUR/USD dropped sharply today. Earlier, the currency pair was steady as German Chancellor Angela Merkel confirmed that Germany is ready to support attempts of the European Central Bank to save the eurozone. The data from the United States was positive today, adding to signs of economic recovery in the USA.

Michigan Sentiment Index rose from 72.3 in July to 73.6 in June, according to the preliminary estimate. Analysts thought that the index would be little changed at 72.5. (Event A on the chart.)

Leading indicators edged up 0.4% in July, while in June they fell at the same rate. The average forecast was 0.2%. (Event A on the chart.)

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