When Friday's nonfarm payroll report handily beat expectations, the dollar got a major lift on the payroll report - contrary to its longtime pattern of trading as a safe haven from bad news.
Has the dollar won the so-called currency war?
"Certainly we've won the global currency battle for now," says Brian Kelly of Shelter Harbor Capital. The stronger dollar, he says, "is actually a good thing because money's flowing into the U.S." As for the dollar's pattern of moving in the opposite direction from stocks, "that old correlation seems to have broken, and it's a good thing."
"The U.S. economy right now is the best of a bad bunch," says Amelia Bourdeau, director of foreign exchange at Westpac Institutional Bank. The dollar has been rallying of late because of a flight to quality in the wake of the Italian election and downbeat euro zone economic reports, she told CNBC's Amanda Drury. "However, today it was certainly about the jobs report."
Andrew Busch, publisher of andrewbusch.com, goes a step further, arguing that Friday's report pointed to a "dichotomy out there between the United States and Europe."
So how should you trade the dollar-euro pair now?