The dollar's rally is set to end in a "currency crisis," according to investing guru Jim Rogers, who also says he may bet on a slide in equities after nine weeks of gains.

“We’re going to have a currency crisis, probably this fall or the fall of 2010,” Rogers told Bloomberg.

“It’s been building up for a long time. We’ve had a huge rally in the dollar, an artificial rally in the dollar, so it’s time for a currency crisis.”

The advance in the U.S. currency has been driven by investors covering their short sales, says Rogers, who may also consider adding to his holdings of the yen and prefers the euro to the dollar or the pound.

Gains in U.S. stocks also signal a “correction,” Rogers says. Though he owns some Chinese and Japanese stocks, Rogers says stocks in countries that supply natural resources, like Canada and Brazil, may also perform better than U.S. shares.

The dollar gained versus the euro, and declined versus the yen following the release of the U.S. April retail-sales data. The euro has narrowed its immediate losses, and is moving closer to day-earlier levels.

The report diminished the mounting risk appetite that has overtaken currency markets in the past couple of weeks, reversing overnight gains in the riskier euro trades.

"The data will play to the grain of a market that is starting to see positive risk trades simply run out of gas," said Alan Ruskin of RBS told The Wall Street Journal.