EURUSD is taking a break after four days of recovering.

The major currency pair slowed down its recovery. The current quote for the instrument is 1.0508.

The statistics published by the US yesterday were quite confident. The Retail Sales added 0.9% m/m in April after gaining 1.4% m/m the month before and against the expected reading of 1.0% m/m. The Core Retail Sales showed 0.6% m/m, which is better than forecasted.

The Industrial Production gained 1.1% m/m last month, which is much better than the expected reading of 0.4% m/m, after expanding by 0.9% m/m in March. The Capacity Utilization Rate also improved, up to 79.0%.

However, the primary focus was on the speech to be delivered by the US Fed Chairman Jerome Powell. He said that the Fed was going to raise the rates until inflation started to fall. If it implies pushing the boundaries of the theoretical conception of neutrality, the Fed will do what is necessary without hesitation.

We remind you that the April CPI reading was 8.3%, while the target level is 2.0%. Earlier this month, the regulator raised the rate by 50 basis points, for the first time in 20 years. It was the second consecutive rate hike and the Fed is expected to raise the benchmark interest rate after every meeting until the end of 2022.