It's all about the data today. In the past hour, we've seen the dollar drop on poor manufacturing data only to jump right back on strong job openings numbers.
GBP/USD shows the round trip.
That chart arguably understates the magnitude of the moves. On most charts, the US dollar is above where it was before the manufacturing data, as the Fed is more-inclined to be swayed by the JOLTS numbers.
Fed rate hike odds now rest at about 66% compared to 61% at the start of the day.
