Right now it's all about the speculation that Japan will end its quantitative easing.

Since Watanabe made comments that's when the reversal started and it seems to be breaking higher against the dollar.

People are holding their breath for U.S. numbers later today.

Once we do get the end of quantitative easing, it will be some time before we get an end to zero interest rates.

People are assuming that as an oil exporter, they're going to be diversifying away from the dollar. They may be positioning in case any foreign assets are frozen.

The market is starting to talk about 4.75 percent and the risk of the Fed perhaps moving to five and even beyond.