USD/JPY is the fuel for the Dollar Index rally today but the bulk of the recent move was EUR/USD falling in 11 of the past 13 days.

A rise above 100 should grab a few more headlines if it can get there.

There dollar ticks a lot of boxes right now. It can do well in a strong global economy because of investment flows and relatively higher rates; it can do well in a weak global economy on risk aversion. It’s really in a sweet spot and I could see it rallying to much-higher levels in either scenario.