European retail sales for the month of April fell faster than expected, coming out -1.0% when economists had forecast a -0.1% reading. This comes after a 0.3% reading in March.

German Factory Orders for April also disappointed, with a -1.9% reading disappointing forecast of already a -1.0% showing. This comes after a 3.2% reading for March, which was revised up from 2.2%.

The poor data combined with the Eurozone's inability to come up with a bank crisis solution killed the brief Euro rally that started the week. The EUR/USD fell from 1.2540 down toward 1.24 in the 6/5 US session. The EUR/GBP fell sharply from the 0.8140 level back below 0.81.