People would start to worry about growth, and given the fact that the market is already looking for the Fed to end its rate increases this could be a dollar negative. No one would expect central banks to be raising rates in an environment where energy costs are going up sharply.
The theme in the market remains interest rate differentials, it's not surprising to see the dollar come under some pressure.
The U.S. economy is still doing very well, and numbers out this week should be fairly solid. The dollar is going to be well supported.
Clearly you can speculate that 4.75 percent is not the end of Federal Reserve tightening and there is a good argument now that they go to five percent. People don't want to be dollar short at the moment.
The growing tension with Iran is likely to be dollar negative news.