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Some seem to think this has everything to do with renewed interest in the US dollar....

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A large proportion of these moves were reflected in a sharp turnaround in the US dollar, which has reversed its momentum completely in the last 24 hours.

In all, this points to a sharp change in sentiment. Importantly, this may signal that the hot money that’s been in commodities recently is being urgently repatriated to the US. Thus, assets like gold, oil and sharemarkets tumble rapidly, and the renewed buying of greenbacks, as US-based investors move money back home, sends the US dollar higher.

This has occurred on previous occasions over the last year, and it occurred at times that saw the most severe selling of higher risk assets such as sharemarkets and the famed ‘carry trade’.
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Perhaps the banks are propping up the $US in an attempt to fix their woes.