Dollar moves from weakest, to one of the strongest

When the NY trading session started (at 7:47 AM ET), the USD was the weakest of the lot. This is what the snapshot looked like. Notice how the dollar was down against all the major pairs.

Fast forward to the present and this is what the picture looks like. The declines from earlier in the day reversed to gains. The only pair the US is still negative on the day is the EURUSD but the deficit of 0.61% is only 0.10 currently.

Jobless claims were a touch better. Typically, higher oil prices lead to a lower dollar but today we are not seeing that correlation play out. In fact, the USDCAD - which typically is influenced most directly by changes in oil prices as a result of Canada's reliance on oil in their economy - is not seeing CAD strength but weakness in trading today against the greenback.

Bond yields in the US are up a healthy amount (4-8 basis points across the curve). So that may be the story to write as an explanation.

Some may also say that Draghi was more dovish (at least some of his comments), but then again, the EURUSD was near high levels during most of his press conference.

Other than that, the major currency pairs have seen technical levels taken out which has helped turn the dollar sellers into dollar buyers. In a market that is struggling with central bank policy and other uncertainties, the market can turn on a dime.

Be flexible. Be patient. Define and limit your risk and you will do ok.