Stephen Jen

CBS Correspondent Anthony Mason would probably call it the not-so-almighty dollar, and he’d be correct if U.S. economic health was viewed only through the narrow lens of currency exchanges.

“[T]he weak dollar is really wreaking havoc on investor confidence and in many ways, the impact is just beginning to be felt,” Mason said on CBS’s November 12 “The Early Show.” “The dollar, once the gold standard of currencies, is falling hard and fast around the world. At $1.46, the euro is up nearly 12 percent against the greenback. The yen traded at 110.38 per dollar, an 18-month high. And for the first time since 1976, the Canadian dollar has risen over 20 percent in value against the U.S. dollar at $1.06.” (Click here to see video.)

But while the dollar is lagging, some experts think the dollar is undervalued.