Retail Sales were up 0.4% in April, this beat the Reuters survey consensus estimate of +0.2% but was sharply lower than the previous print of +1.9%. Excluding autos, retails sales were +0.4%, this matched expectations but was below the March read of +1.2%. It is interesting that 10s traded lower as stocks failed to muster momentum after the better than expected Retail Sales print. It is however hard to overlook the fact that the Euro is trading at its weakest level vs. the USD seen since March 2009. I am more inclined to relate this price action to the continued shift in currency valuations and its general effect on the sentiment of the marketplace. The run to move cash reserves toward risk-averse dollar denominated assets continues......