The Euro fell against the U.S. Dollar in recent trading, following comments by the European Central Bank Chief highlighting the importance of the U.S. currency. Currently the pair is trading around the 1.4428 level, a decline from 1.4500 several hours ago. Still, most analysts are quick to say that any Dollar gains are likely to be minimal following yesterday's U.S. retail sales news.

The ECB's decision to keep European interest rates at their current levels also caused the Euro to go down. Low inflation and uneven economic growth throughout the E.U. have prevented interest rates from moving away from their record lows.

Today, traders will likely want to pay attention to the American Core CPI Report. A worse then expected figure will likely give a boost to the Euro in afternoon trading. Additionally, the European Core CPI figures are set to be released at 10:00 GMT today. A positive number may cause the Euro to move up against its other counterparts.