The dollar's surge is showing up in earnings season, too, often as a sour note in the corporate reports. Several companies such as Procter & Gamble have reported currency impacts for the latest reporting quarter.
And that could be one reason why earnings season, while certainly better so far than some feared, hasn't been enough to create a big rally for stocks.
"It's not really too surprising, especially given the strong dollar. It's taking a pretty big chunk out of these results," said Jeffrey Buchbinder, chief equity strategist at LPL Financial.
