So in the background, too, is the notion that if there is any move to sell the dollar, there will be central bank intervention.

What is helping the dollar is the moral persuasion of the central banks. There's been contact between the European Central Bank and national central banks that make up the ECB urging calm, urging a block on any kind of speculative trading. The Federal Reserve has also weighted in and asked that dollar trading be limited. I think that will support the currency.

The dollar will trade with a downward bias. The market is pricing in an ECB rate hike Thursday and strong GDP report Friday.

[Gilmore, however, vows to proceed.] The fact of the matter is, I'm going to move, ... This is a commission that has broad representation on it ... all points of view are going to be heard.

Japanese individual investors continue to shun risk, and the notion of putting money into foreign assets is repugnant.

I think this (sell-off) is a very natural reaction after a move like (last month's).