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Could be. Here it is against the yen.

The greenback still has a long, long way to go.

The dollar picked up momentum throughout the global session, rising to a three-month high of 107.43 yen while pushing the euro down to a three-session low of $1.5453. The U.S. currency had rallied for the second straight day after Federal Reserve Chairman Ben Bernanke downplayed recession risks in a speech Monday night. He repeated concerns about inflation that had led to a dollar rally last week when Mr. Bernanke tied those price pressures to the weaker U.S. currency.

Foreign-exchange analysts said Mr. Bernanke's new comments bolster the market view that the specter of dollar-supportive rate increases has now entered the picture.

Posted by edelfenbein at June 11, 2008 8:11 AM