The Japanese would like to see a weaker yen. They thought it strengthened too much unilaterally.

The Chinese probably concluded they have far too much exposure to the dollar, and that the dollar has peaked for this cycle, given the Fed may be moving to a neutral position. Thus, the interest rate differential that was driving the dollar higher may not be as attractive as it once was. The risk is now the dollar may begin to depreciate. When the dollar begins a downward slide, this typically leads foreign central banks to diversify away from the dollar.

The dollar has been propelled by cyclical factors, namely the Fed raising rates boosting the dollar.

The market did react quite negatively to the dollar as this rumor triggered speculation this administration may be giving up its strong dollar policy.

I don't think foreign investors buy these comments from Snow, and that the U.S. believes in a strong dollar. It is a bit old and one of the reasons why you have not seen the flows into the U.S. to support the dollar.

The Fed is closer to moving to a pause in monetary policy. We've turned more bearish on the dollar.

Once investors shun away from U.S. investments, then the current account deficit becomes an issue. It will weigh heavily on the dollar.

The Australian dollar is a proxy for global growth. My concern is of a more precipitous decline in the Australian dollar under the scenario of faltering global growth.

There's a real good chance we're going to break $1.23 in the coming three months or so as the Fed indicates a pausing in the tightening cycle.

The risk is that the dollar becomes stronger if there is any hint that the economy remains buoyant and the markets start to price in a greater probability of another rate hike in March.