RatedPG, Interest rates were at historically low levels in 2002-2004:
http://www.federalreserve.gov/releas...y/H15_FF_O.txt
Although interest rates have only recently fallen below the 2% level again, the dollar is much weaker today than it was in 2002-2004:
FXHistory - Historical Currency Exchange Rates
This tells me that something other than interest rates is contributing to the recent weakness in the dollar.