After falling broadly against most of its major counterparts in trading yesterday, the Dollar is still low as we start off the day. A disappointing retail sales report yesterday caused the greenback to fall to a two month low against the Australian Dollar and a three month low against the Canadian Dollar. The poor economic news all but dashed hopes that the Fed would raise U.S. interest rates in the near future.

Today, traders will want to pay attention to the Core CPI Report as well as the Prelim UoM Consumer Sentiment Report. Set to be released at 13:00 and 14:55 GMT respectively, the reports are likely to create volatility in the marketplace, as they are a key indicator of both consumer spending and sentiment. Both reports directly weigh in on any decision to raise interest rates.

Analysts are not predicting any drastic figures from either report, but traders will want to watch out for surprises later today. If the Core CPI comes in above 0.1%, or the Consumer Sentiment is above 73, the Dollar could see some gains against both the Euro and Sterling. That being said, the U.S. economy has not been kind to the Dollar lately. If figures for both of these reports come in below the predicted results, the Dollar's recent downturn could become prolonged.