No 2005 rally for the greenback, say analysts
John Hardy, senior research analyst at Saxo Bank in Copenhagen, said that if the dollar does decline further, it is most likely to be against the Asian currencies. "Euro/dollar will not be a particularly interesting pairing this year," he said. "There will be a big focus on Asia because of the Chinese renminbi revaluation – this will take the pressure off euro/dollar." Hardy predicted a dollar/yen of 95 by the end of 2005, "but that could be even lower".
Although President Bush continues to
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