Could be. But I wouldn't bet on this being a trend breaker. After all, we add $80 billion to our debt every 2 weeks. Hard for me to see what has fundamentally changed. Might be a perfect time to get rid of dollars.
I think the trend was pushed too far by this carry trade which I believe we are seeing the unwinding, I think we will have a trend up and then a move towards the downward trend. All these markets have to be traded, but it is a shame that the past and present leaders of this country have destroyed the manufacturing base of the U.S. so there isn't real hope for the dollar long term, but we can make some money here on this short term pop.
I think the s&p is way overbought and without a catalyst to take it higher (earnings or a good President)the thing will go lower. The dollar tends to strengthen with weakness in the market. I think that Dubai will be an excuse for a much needed correction and flight to quality.