Take a look at the PowerShares DB US Dollar Index Bullish (UUP) ETF. The US dollar has broken higher of the 50 day moving average, potentially signaling a change in direction and maybe a short term bottom.
In the bizarre world that we live in, a strong dollar is a bad thing, hence the sell off in equities today. I believe the long term negative trend in the dollar is in tact but we’re going to see reversals like this along the way. If we lived in a world of common sense, we would cheer a strong dollar, but we don’t. Everyone will tell you that it huts exports by having a strong currency. I typically respond with: No, not having anything to export is what hurts exports.
A strong dollar at this point means an opportunity to buy gold. The priorities and goals have been made clear. A strong currency is not one of them.