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The dollar is making a comeback! In the past 5 days, it's risen 1.5 percent against the euro—1 euro now equals $1.4432. It's also up against the pound and the yen.

If you're a U.S. citizen traveling abroad or a European company that relies primarily on exports to generate revenue, this is welcome news. But as this graph shows, the dollar is still historically weak.

There are a lot of people freaking out about the health of the dollar. However, as Thomas Palley points out in this week's Web Exclusive, despite being weak, the dollar isn't going anywhere. And a pint of beer in England is still going to cost you $12.