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Dollar ‘Downtrend’ May Be Continuous for Some Time

By Daniel Tilles , 2009 Oct. 14 (Bloomberg)

The dollar’s decline may persist amid speculation the Federal Reserve won’t need to raise interest rates for some time, according to Royal Bank of Scotland Group Plc.

Comments yesterday from Fed Vice Chairman Donald Kohn feel “like a slap-down of the recent rash of more hawkish rhetoric,” Greg Gibbs, a foreign-exchange strategist in Sydney, wrote today in a report. “It reads to me like, sure we can raise rates and quickly if we have to, but we are very unlikely to have to, at least for a long time.

‘‘Such sentiments at the core of policy making at the Fed suggest the dollar downtrend will be broad and continuous for some time yet.’’

The dollar fell today against 15 of the 16 most-traded currencies, dropping 0.2 percent to $1.4883 per euro as of 7:30 a.m. in London.

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