The Dollar's reversal of fortunes is significant today because the Dollar's drop has wiped out an entire week's worth of Dollar gains. The perception that the Dollar would benefit from the weakness of the global economy has been a good trade over the past month, but that perception shows signs today of having run its course. All the major currencies are significantly higher against the Dollar today, including the Euro, the Australian Dollar, the British Pound, the Swiss Franc, and the Canadian Dollar. The Canadian Dollar especially has held its own against the US Dollar over the past few weeks.
