Dollar Gains Strength against Yen and Euro

The dollar hit a five-month high today against the yen and rose versus the euro today. The dollar bought ¥107.20, up from ¥106.36 late Friday. The euro bought $1.2892, down from $1.2953 late Friday.

The dollar has benefited from the FED's aggressive interest rate hikes and will continue to do so as dollar-denominated securities become more attractive to foreign investment.

Hopefully this trend will continue and foreign investment will pick up, helping to dig us out of the deficit hole. This would also lead to greater dollar purchasing power, helping push down gas prices. Boy do I miss the $1 = €1 and gas = $0.98 days!