LONDON—The dollar slipped back from a 16-month peak on Thursday, losing ground on the euro and Australian and New Zealand dollars as traders assessed whether the U.S. currency’s recent surge was starting to stall. The dollar has rallied in recent weeks as traders bet on tighter U.S. monetary policy. Stronger-than-expected inflation numbers in the United States last month and punchy retail sales data this week have added to those bets. And while volatility in FX markets remains low, it is markets’ assessment of global central banks’ differing responses to rising inflation that is driving currencies. The dollar index, which measures the currency against a basket of six rivals, hit its highest since mid July 2020 on Wednesday at 96.226 was last at 95.694, down 0.1 percent on the day. The euro, which was languishing near a 16-month low, rose 0.1 percent to $1.1334. The New Zealand dollar jumped 0.6 percent …