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Overnight comments in Asia from two Fed officials served to expand upon Monday's keynote speech at the Economic Club of New York in which chairman Bernanke discussed the falling dollar. Dallas Fed president, Richard Fisher noted that the value of the dollar was but one of the inputs when setting policy and that a gradual decline was not likely to lead to inflationary pressures. His fear for a sub-3% growth rate next year was compounded by a more optimistic OECD assessment for global growth, but one that only raised U.S. GDP for 2010 to 2.5%. Risk aversion is taking root once again today and is being played out in firming dollar and yen prices.
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