Greenback slides on lack of Fed worries by Peter Morton, Washington Bureau Chief, Financial Post
Governor’s remarks back speculation rates will not rise

Although the administration officially supports its strong U.S. dollar policy, there is widespread speculation in currency markets that Mr. Bush wants to see a weaker dollar to make it easier for U.S. exporters to sell abroad.

“It reaffirms the view the market has that U.S. policymakers are happy with the decline,” said Simon Flint, a market strategist with the Bank of American Corp. in Singapore. “They’re not going to stand in the way of further depreciation.”

Low interest rates help the market and don’t hurt billionaires (1% of $1bn is still $10m). Low interest rates only hurt everyone with a savings account. mjh