What's most striking about the dollar's steady descent against the euro is how little angst it's causing in financial markets.

There are those who are wringing their hands over the possible inflationary consequences as import prices rise.

Fed governor Ben Bernanke threw cold water on that fear on Sunday, saying that when you look at the dollar on a trade-weighted basis (vs. looking at it against the euro which is hitting all-time highs) it really hasn't fallen all that much.

And any seasoned market watcher has to worry about a tumbling dollar spurring big global investors to dump U.S. bonds and stocks because the falling dollar means they are losing money on those assets when they translate investments back into their own currencies.

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But with stocks continuing to rise and bonds remaining in their recent range, it doesn't appear that there's a stampede for the exits -- at least not yet.

Meanwhile, the sinking dollar gives U.S. manufacturers a leg up in overseas markets, and that's a plus that's hard to dispute.  

Kathleen Hays anchors CNN Money Morning and The FlipSide, airing Monday to Friday on CNNfn. As part of CNN's Business News team, she is also a regular contributor to Lou Dobbs Tonight.