BBC: The dollar has hit a six-month high against the euro and its highest in almost two years against the pound.
The US currency has bounced back from record lows against euro on fears that European growth may slow sharply.
The UK is also struggling with high inflation and faltering growth, causing a slide in sterling.
The European currency hit a six-month low of $1.4812, while the pound hit a 21-month low of $1.9012 in trading on Tuesday morning.
Commodity boost
The US economy is still suffering from the credit crisis but analysts say the deteriorating outlook elsewhere in the world has buoyed the currency's standing. Pound Suffers as Dollar Rebounds >>> | August 12, 2008
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