LONDON—The dollar rose to a fresh three-month high against major peers as traders pushed back bets for a Federal Reserve interest rate cut following surprisingly hot U.S. inflation figures.
Since data Tuesday showed the U.S. consumer price index (CPI) in January gained 3.1 percent from a year earlier, versus an expected 2.9 percent rise, money markets have priced in no Fed cut in March and a 53 percent chance of a cut in June, according to ME Group.
