The WSJ’s Ahead of the Tape looks more closely at the question:
“U.S. Dollar Index, which tracks the greenback’s performance against a basket of currencies, closed on Tuesday at its highest level since early November. The euro ended below $1.48 in New York trading for the first time in more than a month.
The dollar has closed above its 50-day moving average for three consecutive days for the first time since March, when it was still the globe’s safe-haven currency. Such technical indicators can mislead, but this suggests the buck has upward momentum, at least for the short term.”
Dollar Strength Seems More Than a Mirage
WSJ, DECEMBER 9, 2009