The epicenter of the tremendous financial earthquake in 2008 and 2009 was in the US. There are many critics of the actions of the US (government and central bank), but it responded relatively early and relatively aggressively. The net result was FIFO as in first in, first out. It was that divergence fueled the dollar's recovery from bear market lows that saw the euro trade above $1.60, sterling through $2.11, and the Canadian and Australian dollar to around $1.11.
The third significant dollar rally since the end of Bretton Woods was driven by the subsequent