US UoM Consumer Sentiment Preliminary Index Unexpectedly Drops to 72.0, Euro Suddenly Erases Losses Against the Greenback - 13.7.2012

The University of Michigan Consumer Confidence Preliminary Index fell unexpectedly to 72.0 in July versus 73.2 in June, it slipped lower than the 73.5 forecast by economists. The Index fell to its lowest level for the 2012, following previous week announcement that unemployment remained steady and the economy added less jobs than expected.

Earlier today at the Wall Street open, stocks were higher after six days of declines, at the same time the US dollar lost ground suddenly against the Euro. The Euro bounced up to 1.2245 after failing to go lower than the freshly created low at 1.2161 against the US dollar. Investors are covering the short positions and stop-loss orders are triggering pushing further up the common currency on a thin liquidity trading.