The dollar slipped for a second straight session on Tuesday as some traders locked in profits ahead of a barrage of U.S. economic data that may shed light on how much further the Federal Reserve will raise interest rates. A retail sales report on Tuesday and consumer price data later in the week will be the main focus for investors. Buoyant readings would likely strengthen expectations that the Fed will extend its streak of 14 straight rate rises and boost its funds rate to 5 percent or higher in coming months to stamp out the threat of inflation, analysts say. "We're seeing a little profit taking ahead of all the data," said Nobuaki Kubo, forex planning manager at Resona Bank in Tokyo. "But as long as it comes in reasonably strong I'd say people will be looking for the Fed to keep raising rates in May and even beyond, and the dollar to start rising again." Most analysts say a rate rise at the Fed's next policy meeting later this month -- the first under Fed chief Ben Bernanke -- is a sure bet, but some are less confident that would be followed by another hike at the meeting in May. Any signs that the Fed's tightening cycle is near an end would likely hurt the dollar, especially with the European Central Bank set to raise interest rates again, and even the Bank of Japan seen nudging up rates by late in the year. San Francisco Fed President Janet Yellen said on Monday that policy-makers needed to weigh the risk of raising rates too far, and suggested she was comfortable with the outlook for inflation, although it was running near the top of the Fed's comfort zone. The Fed's campaign of rate rises has helped the United States attract more than enough capital to finance its gaping current account deficit, the key driver of the dollar's three-year decline to the end of 2004. Current account figures for the final quarter of 2005 are due at 1330 GMT. At 0310 GMT, the dollar was buying 118.55 yen , down from around 118.75 yen marked in late U.S. trade and off a one-month high of 119.20 yen hit on electronic trading platform EBS on Monday. The euro was slightly higher at $1.1970 .