Lloyds wins out on dollar decline
"We have stuck to that view all along in 2004 and believe this still is the most likely path for the first half of 2005," said Kenneth Broux, economist at the bank in London. "It becomes less obvious as we look forward to the exact timing of when the dollar will turn this year on the back of changing interest rate fundamentals."
He added that there needs to be confirmation that the trade deficit is genuinely narrowing before the bearish dollar trend reverses. "We have not seen any evidence [of
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