Under normal circumstances with this kind of figure, you would expect to see significant dollar weakening. The fact that you're not seeing that seems to indicate that people have quite a bit of appetite to take on long dollar positions.
People are starting to reassess Fed expectations and that's triggered the dollar move.
The thing to watch now, once the 15 minutes' 'noise' after the number is out of the way, is whether there will be a resumption of the weak dollar trend.
We also judge that the dollar is vulnerable from a structural perspective. External imbalances in the U.S. are not a key market focus at the moment, but this could change on signs of weakening flow support.
If you just analyze, historically, the chances of getting two quarters of more than a 5 percent gain in the dollar index, it has happened only two times since the '70s, so it's very rare.
The dollar is going to have a hard time. Investor expectations for the Fed will run out of steam.