1.   The bank with which the exporter makes the forward contract must itself hedge its position, otherwise it too will be exposed to currency risk.

2.   A lower dollar cuts the amount of francs French exporters make when converting their U.S. sales into their home currency.

3.   A stronger dollar boosts the profits Japanese exporters make on overseas sales.

4.   A weaker dollar means French exporters make fewer francs when converting dollar sales into their home currency.

5.   Gains in the dollar benefit stocks across Europe by inflating the value of the profits exporters make in the U.S.

6.   Higher sterling means exporters make less profit once their mark or franc sales are converted into sterling.

7.   Other exporters could also make attractive buys.

8.   Partly because exporters now make their products with parts from all over the world, that formula no longer works so well.

9.   The dollar has been regaining strength against the schilling, improving the prospects that exporters will make more after exchanging dollars for schillings.

10.   A stronger dollar means the yen value of the earnings Japanese exporters make abroad will improve.