U-S-A! U-S-A! The Dollar Fights Back

NEW YORK (TheStreet) -- The dollar and the yen were making some gains this afternoon. This after yesterday, which found the dollar sinking to months' long lows against a host of currencies. The dollar was moving up at 95.3050 Japanese yen today.

On Monday, strong manufacturing data from the U.S. and China gave investors the confidence to flock to more high risk investments. Shares for Aloca(AA Quote), Boeing(BA Quote), General Electric(GE Quote), Caterpillar(CAT Quote), and DuPont(DD Quote) were some of the beneficiaries of the news yesterday.

But despite more promising economic data today showing a better-than-expected uptick in pending home sales, the dollar was beginning to track upwards.

The greenback was also gaining at 1.0739 Canadian dollars and trading up at 1.0614 Swiss francs.

The euro could get $1.4390, down from yesterday's highs. Meanwhile, the British pound was losing at $1.6923.

-- Reported by Sung Moss in New York.