Probability of 4 Fed rate hikes this year has increased to 25 percent - FedWatch

Fed funds futures put the probability of Fed raising rates four times this year at 25 percent vs. 17 percent seen before the US CPI release, according to FedWatch. 

Also,  investors have priced-in an 83 percent chance the Fed would raise interest rate by a quarter point to 1.50-1.75 percent at its March 20-21 policy meeting.A Reuters report quotes JP Morgan as saying that, "the scorching core CPI has raised the likelihood that Fed policymakers might revise their rate hike guidance at their March meeting to four rate hikes for 2018 from three."

Still, the US dollar has taken a beating across the board. As of writing, the dollar index, which tracks the value of the greenback against majors, is trading 0.77 percent lower at 88.90 levels.