EUR/USD has quickly broken above the previous consolidative theme and reached the area of 2-day highest in the 1.0845/50 band ono renewed selling pressure in the buck. EUR/USD managed to reverse the initial pessimism and regained the upper hand after the selling pressure around the greenback gathered further traction in the wake of ugly data releases. Indeed, US headline Retail Sales contracted markedly by 16.4%inter-month during April, while core sales also dropped by 17.2%, both prints exceeding previous expectations. On the not-so-negative side, US Industrial Production contracted at a monthly 11.2% during the same period (vs. a forecasted 11.5% contraction), capacity Utilization shrunk less than estimated to 64.9% and the NY Empire State index bounced to -48.5 for the current month (from April’s -78.2).