Forex Today: Dollar’s rally falters near 103.70

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Further reduction of bets on an interest rate cut by the Fed in March propelled the USD Index (DXY) to a new yearly high and aligned with the extra narrative suggesting the ECB could wait until the summer to trim its rates, which eventually appears to have bolstered the late bounce in the single currency. By the same token, higher-than-expected UK inflation figures seem to have lent support to the view of a steady hand by the BoE in the next few months.