The market is shifting back to the view that the U.S. economy is picking up, and we may see further rate hikes. You’ll see the dollar gaining against most major currencies.

There was a lot of speculation last week about the end of rate hikes. Now we’ve come back to what I would call normal expectations, and that has supported the dollar.

If Japanese investors buy U.S. Treasuries, then they have to buy the dollar as well.