The dollar has soared to an eight-year high against the yen and a one-year high against the euro, amid divergent monetary policies in the United States and abroad.

Dennis Gartman, publisher of The Gartman Letter, believes the move has a long way to go.

"I think we are only in inning two of what could be a 10-inning baseball game," he told CNBC. "I think we just started a bull market in the dollar."

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Some economists expect the Federal Reserve to push up the date of its first interest rate hike, while the European Central Bank intensifies its easing and the Bank of Japan maintains a very loose policy too.

The euro traded at $1.2938 Monday morning, and the dollar at 107.22 yen.

Meanwhile, gold isn't faring so well, hitting a seven-month low Friday. "A strong dollar environment is always going to put downward pressure upon commodity prices, and it is especially worrisome for those who are bullish on gold," Gartman noted.

Still, thanks to the dollar's appreciation, gold is holding its own priced in yen and euros. "Gold is nothing other than a currency," he added.

December gold futures traded at $1,233.50 on the Comex Monday morning.

As for currencies, "We are seeing dollar strength coming through," Jane Foley, a senior currency strategist at Rabobank International, told Bloomberg. "Even though the Fed hasn’t done anything yet, on a relative basis it makes the dollar more attractive."

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