What's Happening:

While the Aussie dollar rose to 98 cents, the euro hit an all-time high of US$1.60, and the pound held its own around US$2, "the poor, downtrodden," Japanese yen, is having its own success story.

The yen is right around the 105 handle. And it's looking like the Japanese yen could rise to 104 yen/dollar. I had to laugh at a story I saw flash across the screen.

The title was: "Yen may gain as Bank of Japan (BOJ) is more likely to raise rates than the Fed." HAHA! Now that's funny!

What I Say:

Ok, stay with me on this... A month ago, traders were buying the dollar like Pet Rocks in the 70s because Fed Chairman, Big Ben Bernanke hinted that he was going to be an inflation fighter. Thus interest rates would go higher.

But here we are a month later; there's been NO sign that Big Ben is really an inflation fighter. And now analysts believe the BOJ could raise rates before the Fed!

And the dollar bulls wonder why their currency is getting sold like funnel cakes at a state fair?

Why don't the dollar bulls give Big Ben a call, and see if he can't help them out? Oh, that's right, Big Ben doesn't take calls from just anyone.

According to my friend, Jim Rogers, on his Bloomberg TV interview yesterday morning. "Ben Bernanke and Paulson only take calls from their Wall Street Buddies." HA!