The dollar hit a one-year high against the euro Thursday and a seven-year peak against the yen Friday, thanks to massive central bank easing programs in Europe and Japan and speculation the Federal Reserve will raise interest rates sooner than expected.

The dollar hit 105.71 yen Friday, and the euro fell to $1.2920 Thursday.

But Peter Boockvar, chief market analyst with the Lindsey Group, says the dollar isn't as strong as it might appear.

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"This dollar move seems more in response to the tit-for-tat currency war among the four big currencies that the U.S. dollar is temporarily winning on a relative basis, rather than a vote of confidence in the U.S. dollar more broadly speaking," he told CNBC.

The thought is that the European Central Bank, the Bank of Japan and the Federal Reserve all seek depreciation of their own currencies to boost exports.

The euro traded at $1.2939 and the dollar at 105.41 yen early Monday.

While the greenback suffered Friday from a weaker-than-expected U.S. jobs report for August, many currency experts expect the impact will be fleeting.

"Things continue to be worse abroad — in the eurozone, in Japan, in China, in much of the industrialized world," Omer Esiner, chief market analyst at brokerage Commonwealth Foreign Exchange, told Bloomberg.

"The U.S. appears to be the strongest of that group, and as such I think the dollar should continue longer-term to appreciate."

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