Peter Greene Dollar Quotations

The 2003 rally was on low interest rates and a weak dollar. Now, that's changed. The dollar bottomed in February, and I think people are realizing what higher rates are going to mean for the stock market.

When the dollar declines, there's less incentive for international investors to hold U.S. companies' assets because they decline in value. It also impacts perception. People want to see a stronger dollar to show America can stand on its own, particularly when there is all this uncertainty about North Korea, Iraq and Bush's new economic team.

The key is what happens tomorrow. How will people interpret what the Fed says? How will the dollar do? The dollar has been hanging in by default, but if it really starts to roll over, that would hurt stock prices.

The economic numbers were on balance disappointing. You also have the dollar a lot weaker today because of the continued uncertainty with the international situation.

The dollar news has already been in people's minds for some time, so it's not carrying much sway.